Let’s dissect La Canada home sales July 2019:
Last month there were twenty-eight La Canada home sales.
The least expensive sale was $600,000 for a two bedroom, one bath, 1,225 square foot home at 4510 Castle Lane. This home was originally listed for $699,000 and sold $99,000 under asking price. The most expensive La Canada home sold was for $4,300,000 for a five bedroom, nine bath, 7,331 square foot home at 708 Forest Green Dr. Nine La Canada sellers reduced their asking price (list price) prior to selling. Seven homes sold over their original list price. Three sold at the original asking price. Eighteen homes sold for less than the asking price.
The absorption rate decreased. La Canada home sales are school driven and July sales experienced a mad rush to get settled before school started.
Each month Harb and Co. calculates both the median and average selling prices. The median price reflects that half the homes sold for more and half sold for less. The median is more indicative of market conditions than the average selling price. Average selling prices can easily be skewed by a relatively small share of upper or lower end transactions.
From Core Logic’s blog: We do expect a more favorable rate environment to emerge over the next few months. This is likely due to political and trade uncertainties pushing demand for the 10-year treasury up. Presumably, this should help to elongate the spring home buying season into the summer, as younger home buyers seek to take advantage of these favorable rates. We also expect the slowdown to moderate or even reverse course in the second half of the year. The change in course could be due to an economy that continues to defy expectations and a demographic structure that supports strong household growth.
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Information deemed reliable but not guaranteed. Pulled from MLS on 8/6/19.