With all the turmoil in the real estate market, its hard to believe that this is the first time the Los Angeles County median home sales pricehas declined since July 2007 when it dropped just $5,000 to $545,000. Now, Septemeber’s numbers are out, and Dataquick is reporting that the median sales price for Los Angeles County has tumbled $25,000! This larger than normal drop is widely attributed to the increasingly difficult task home buyers are having with qualifying for jumbo loan mortgages – those loans for over $417,000. With credit much more restricted, lenders are looking at loan applications with a much more fine comb than they have in the past, that, in order to sell the loan off into the secondary market where investors in mortgage backed securities are a bit more cautious about the loans they are buying, than they have been in times past.
As we approach into the slow months of fall and winter, this number will likely decrease a bit more, especially as some of the more desperate sellers out there, continue to lower their home price in order to attract a buyer. Stay tuned for a detailed summary of specific Santa Clarita home sales numbers in an upcoming post here at the www.SantaClaritaRealEstateForum.com.
Take a look at Dataquick’s September Los Angeles County Sales and comparable figures by looking at the Los Angeles Times Blog.
Remember…when buying or selling Santa Clarita real estate, call me 1st.
Robert Mickalson, Realtor
Vintage Sotheby’s International Realty
661.219.2260 or 661.373.2374
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{ 1 comment… read it below or add one }
i’m eric. joining a couple boards and looking
forward to participating. hehe unless i get
too distracted!
eric