As we move through the last few peaks of warm summer
temperatures, we are witness to a few notable high points in the real estate
market as well. National homes sales in the last 30 days ending mid-August have
increased by 18.8 percent compared to the same time last year says DataQuick. Additionally, in California we find an estimated
48,118 homes sold in July, up a solid 21.8 percent from the prior year.
In Southern California, sold homes ranging from $300,000 to
$800,000 experienced an increase of 51.7 percent year-over- year, while homes
over $800,000 rose to an impressive 77.5 percent notes DataQuick.
If we look at a
30-year fixed-rate mortgage to finance such homes, Freddie Mac reports a
monthly average commitment rate of 4.58 percent for the third week of August
2013, up 0.18 percent from the week before.
As homes sales increase and home prices rise, take a look at
the homes sold in California cities with the fewest days on market, including
the average median sales price.
• Newport
Coast, 43 days | $2,582,000 • La Mesa, 49 days | $440,000
• Santa
Maria, 54 days | $268,000 • Del Mar, 61 days | $1,235,000
• Hermosa
Beach, 55 days | $1,250,000 • Irvine, 48 days | $650,000
• SantaBarbara, 48 days | $907,000 • La Jolla, 44 days | $925,000
