5/17/2006

The median price paid for a home in Los Angeles, Riverside, San Diego, Ventura, San Bernardino and Orange counties was $485,000 last month. That was down 0.2 percent from a revised $486,000 in March and up 9.0 percent from $445,000 in April a year ago. Buyers who are looking for a huge decrease in price overall are probably not going to find that at all this year, but are more likely to find more inventory to choose from as the numbers of homes sold is lower than the same time last year. As Dataquick points out, indicators of market distress (i.e., large increase in number of foreclosures) are largely absent. "The typical monthly mortgage payment that Southland buyers committed themselves to paying was $2,354 last month, up from $2,315 for the previous month, and up from $2,076 for April a year ago." At this point, decreases in home price will be balanced out by a gradual interest rate increase.

No comments:

LinkWithin

Related Posts Plugin for WordPress, Blogger...
Web Statistics