Palm Springs Real Estate News Articles for Mid-May 2012
Today while reviewing some Palm Springs Real Estate News articles, I came across these headlines, all from AP:
Existing-Home Sales Up 3.4 Percent In April
Lawance Yun, NAR chief economist, said the housing recovery is underway. “It is no longer just the investors who are taking advantage of high affordability conditions. A return of normal home buying for occupancy is helping home sales across all price points, and now the recovery appears to be extending to home prices,” he said. “The general downtrend in both listed and shadow inventory has shifted from a buyers’ market to one that is much more balanced, but in some areas it has become a seller’s market.”
- Buyers are back! Inventory is rising! Housing recovery is underway.
- 2.5 million homes available equaling a 6 month supply;
- Foreclosures are down thus propping up home values;
- The national median existing-home price3for all housing types jumped 10.1 percent to $177,400 in April from a year ago;
Housing Construction Up 2.6 Percent In April
Permits for single family homes are UP! Housing starts are UP! Builder confidence is UP (highest in 5 years)!
We see it everywhere. Many developments are starting up again after a hiatus. Some of our clients seem to want new construction and are snapping up builder incentives for their new home. All good.
30-Year Mortgage Rates At Record Low 3.79 Percent
Average rates for 30-year and 15-year fixed mortgages fell to record lows for the third straight week making home-buying and refinancing more affordable than ever before.
Freddie Mac says the rate on the 30-year loan dipped to 3.79 percent. That’s down from 3.83 percent last week and the lowest since long-term mortgages began in the 1950s. The 15-year mortgage, a popular option for refinancing, declined to 3.04 percent.
Rates on the 30-year loan have been below 4 percent since early December.
So what’s the rub? Well none really. Its time to buy if you’re in the market. Low rates, good inventory, so what’s holding you back?
Talk to me……
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(all data current as of 5/23/2013)
$159,000 : 28790 West Natoma Drive, Cathedral City3 beds, 2 full baths
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$399,000 : 849 Ventana Ridge, Palm Springs5 beds, 2 full, 2 part baths
$499,900 : 33 W KAVENISH DR, Rancho Mirage3 beds, 3.0 baths
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