Glendale Housing Update August 2019: Selling prices ranged from $469,000 for a one bedroom, one bath, 600 square foot home on Columbus Ave. to $2,600,000 for a four bedroom, five bath, 5,314 square foot estate at 2965 Saint Gregory Rd. Last month forty-four Glendale homes closed escrow up from last month.
While mortgage rates have come crashing down over the past few months, they have not yet had any impact on housing prices. Why is this? First, falling mortgage rates have led to a sharp increase in refinancing since there is an immediate and tangible benefit to existing homeowners who purchased at rates that were 100 – 150 basis points higher just nine months ago. Second, homebuyers base their decision on a much broader set of criteria than refinancers, which include life-cycle events such as marriage, raising children, divorce or retirement. That said, if mortgage rates continue to fall, wages continue to grow and inventory continues to tick up, we can expect the U.S. home price growth to stabilize or even reverse course by the end of the year. Read the rest here:
While many Glendale, CA homes continue to sell for over asking price fewer are selling over the asking price. Twenty-one sold for more than asking price, twenty sold for less and three at list price. Ten of these sales had a price reduction prior to selling. It comes as no surprise to Glendale, California home buyers that this continues to be a very strong sellers’ market. The absorption rate of 1.20% is the lowest year to date.
After reviewing MLS data each month, Harb and Co. calculates both the median and average selling price. The median price reflects half the homes sold for more and half sold for less. The median selling price is more indicative of market conditions than the average selling price. The average can be skewed by a large amount of lower or higher end sales. The Glendale median selling price continues to reflect this real estate market is fueled by entry level buyers.
Foreign buyers have cooled on the U.S. residential home market. Dropping investments by more than one-third over the previous year and spending less in expensive California. Read the rest here:
