According to the latest S&P CoreLogic Case-Shiller National Home Price Index, home prices in the United States grew by 3.7% in March. This is the 12th consecutive month of slowing home-price growth. Now at its lowest level of growth since September 2012. Real Estate Update May 2019! Let’s take a look at the La Canada real estate update for May 2019.
Last month, there were twenty-two La Canada home sales.
The least expensive sale was $1,100,000 for a three-bedroom, three-bath, 1,329-square-foot home on 4623 Hampton Rd. This home was initially listed for $999,000 and sold over asking. The most expensive La Canada home sold was for $7,750,000 for a six-bedroom, eight-bath, 10,180 square foot home on 4321 Chula Senda Lane. Three La Canada sellers reduced their asking price (list price) prior to selling. Thirteen homes sold over their original list price. One sold at the original asking price. Eight homes sold for less than the asking price.
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. The average selling price 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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