Let’s dissect La Canada home sales June 2019:
Last month there were twenty-one La Canada home sales.
The least expensive sale was $773,000 for a two bedroom, one bath, 934 square foot home at 1906 Glenhaven Dr. This home was originally listed for $999,000 and sold $100,000 under asking price. The most expensive La Canada home sold was for $5,100,000 for a five bedroom, eight bath, 9,127 square foot home on 5350 Harter Lane. Seven La Canada sellers reduced their asking price (list price) prior to selling. Four homes sold over their original list price. One sold at the original asking price. Sixteen homes sold for less than the asking price.
The absorption rate is climbing. While the La Canada real estate market is still more favorable for home sellers, it is becoming less so. June’s days on market (DOM) is the highest for the year.
Each month Harb and Co. calculates both the median and average selling prices. The median price is where 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-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 homebuyers 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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