The July data for home sales is a bit mixed, but were better than year-ago levels. It seems like we are hovering somewhere around the Spring of 2003 prices. And although the real estate market seems to be stabilizing, we are definitely in a wait-and-see mode, probably until after the November election.
One bit of interesting data is that nationwide values are down approximately 35% from the peak summer of 2006. And that is just about right for Kingsburg too, as in 2006 our prices ranged from about $180 up to $200 per square foot (PSF) whereas now we are hovering around $120 to $145 PSF. One big difference was that in 2006, the interest rate for a 30 year fixed mortgage was 6.5%, now it’s around 4%.
Check out the video below entitled “Kingsburg Community Corner”. Each month or so, we will send out a video clip about events happening around town. So tune in to catch up on the latest!
Please feel free to call us if you have any questions regarding the real estate market or lending. We are here to help!