Each month Harb & Co. love to crunch the MLS numbers: La Canada home sales October 2019:
La Canada home sales jumped from September. The least expensive sale was $830,000 for a two-bedroom, two-bath, 1,302-square-foot home at 955 Vista Del Valle Rd. This home was originally listed for $979,500 and sold for $149,500 under the asking price. The most expensive La Canada home sold was for $4,600,000 for a five-bedroom, six bath, 5,705 square foot home at 724 Forest Green Dr., $199,000 less than the asking price. Eight of the twenty-two homes sold last month in La Canada had price reductions (list price) prior to selling. Five homes sold over their original list price, two sold for the asking price.
Listing inventory has dropped as it often does this time of year. The absorption rate was 2.27% which reflects a sellers’ market. A big change from September.
“Mortgage rates were a full percentage point lower this September compared to a year ago, boosting affordability for first-time buyers and supporting a rise in homeownership. In addition to lower interest rates, personal income grew faster than home prices during the past year. This provided an additional lift for first-time buyer affordability and helped to boost the homeownership rate to the highest level in more than five years.” Read more here
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