SUMMER 2019: WESTSIDE LOS ANGELES HOME PRICE & MARKET TRENDS UPDATE
Rates from early Spring into May 2019 have come down since the earlier highest at the end of 2018 with 15 years as low as 4.43% as recently as March 23, 2019.
MARKET UPDATE NOTE: August 2019 -- Rates on 30 year mortgages are potentially as low as 3.60%. Wow. What a shift. Recall that as of Dec. 23, 2018, the interest rate for a 30-year fixed mortgage had jumped to 4.72, up from 4.55 percent in May 2018, and the highest since May 2011 (source: FreddieMac). Its also worth noting that the volume of Westside Los Angeles home units sold declined sightly in the fourth quarter of 2018 by about 7% and has continued declining into 2019. Inventory holding periods are lengthening also. Days on market for single family has increased to a national mean of between 45 to 57 days for Westside Los Angeles homes as of August 2019, a shift from 35 to 40 days on market back in May 2018.
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