Glendale Home Stats for November 2018: Last month thirty-one Glendale homes closed escrow. Selling prices ranged from $640,000 for a three bedroom, one bath, 1,143 sq ft home on Monterey Road to $1,625,000 for a four bedroom, three bath, 2,864 sq ft estate on Avonoak Terrace.
Fifteen of the Glendale homes sold for over asking price. One sold at asking price, and fourteen sold for less. The median selling price was $970,000 down almost $200,000 from last month. First time buyers are fueling the housing market.
According to Core Logic, Southern California home sales hit the brakes in June, falling to the lowest reading for the month in four years. Sales of both new and existing houses and condominiums dropped 11.8 percent year over year as prices shot up to a record high. Their report covers Los Angeles, Riverside, San Diego, Ventura, San Bernardino and Orange counties.
Buying a home will be an even more expensive undertaking in 2019 as mortgage rates and home prices increase. Buyers who are able to stay in the market will find less competition as more buyers are priced out. But feel an increased sense of urgency to close before it gets even more expensive. Their largest struggle next year will be reconciling wants, needs and budget versus the heavy competition of 2018. The number of homes for sale is increasing, which is an improvement for buyers. The majority of new inventory is focused in the mid- to higher-end price tier, not entry-level. Rising mortgage rates and prices will keep a lot of new inventory out of their budget and make it especially tough for first time home buyers who have historically been a much larger share of home purchase activity. Read more here:
