Let’s dissect La Canada Housing April 2020:
Last month the least expensive La Canada home sale was a 3 bedroom, 2 bathroom, 1,708 sq ft home on Lasheart Dr. which sold for $1,270,000 and the highest priced home was a 6 bedroom, 10 bath, 8,733 sq ft luxury home at 523 Inverness Dr. selling for $4,830,000.
La Canada housing is driven by the school year. Each year we find new families clamoring to jump into the La Canada real estate market in time to register for the award winning public schools. And even amid COVID concerns this Spring home buying season is still viable. However note that the April closings year over year have decreased by half.
As COVID-19 froze the country’s economy for most of March and all of April, it became increasingly difficult for borrowers to get a mortgage, even if they had the means to take one on. In fact, a new report shows that in April, the availability of mortgage credit fell to its lowest level since December 2014. That means it hasn’t been this hard to get a mortgage for more than five years.
Interested in learning more about La Canada housing? Ask Phyllis