At the same time, the median price rose 11.7% in September from a year ago. In the past several months prices have risen 12 to 28% 2012 vs 2013. The rise in September is on the low end and may indicate that prices have leveled out. Great news for buyers. While that was the 10th straight month of double-digit gains, it was the smallest increase since April.
"This softening had been expected in response to the increase in mortgage rates that began in May," said Daniel Silver, an economist at JPMorgan in New York.
The Realtors group said a combination of higher home prices, barely rising salaries and higher mortgage rates was hurting affordability, which hit a five-year low in September according to its gauge. The trade group said sales probably peaked in July and August.
For more information and assistance with buying or selling a home, please contact us at 310-928-9035. My team and I are here to help you with your real estate plans. We are a top real estate team in the South Bay and have been helping clients buy and sell property since 1999. A large part of our business comes from referrals so please let us know who we can help. Call us now, we're here to help.
Frank Kenny Real Estate Team 310-928-9035