Recent statistical analysis of the Los Angeles real estate market shows that while there was a dip in the median price of sold residential real estate from September to October 2017, the longer-term uptrend is still in place.
The median sale price increased from $485,000 in October 2016 to $520,000 in October 2017. Other statistics increased as well. For instance, days on the market dropped from 28 days to 22 days over that same period
The Federal Reserve just bumped its key rate by ¼ point. While mortgage rates inched up a bit, the rate for a conforming, 30-year fixed mortgage remains under 4%.
That said, there were three rate hikes this year and additional rate increases are predicted. If you are considering buying a home, give us a call while these rates remain under 4%.
We look forward to hearing from you.