Just last week, Ellie Mae’s Origination Insight Report revealed that June home loan closings reached their highest levels in 8 years (since the data collection began!). 76.8% of all loans closed in June, compared to 75.6% the previous month. In addition, closing rates on purchase loans neared 79%, while refinance closing rates hovered just over 73%.
Jonathan Corr, President and CEO of Ellie Mae, stated that “As the 30-year note rate continues to decline, we are seeing robust purchase and refinance activity.” Borrowers will also be happy to hear that despite heavy summer activity, closed loan times still remained well below the industry average.
On a statewide level, California median home prices set a new high again in June to $611,420. Home prices continued to inch up, but at a slower pace than the previous 3 months. California condo/townhome prices reached their highest levels since last July, while the overall price per square foot remained unchanged from last month and inched up to $292/sq. ft. (+0.7%) from last year. Statewide inventory increased to 3.4 months , and 3.6 months in the Bay Area (still below a balanced market of 5-7 months).
Hopefully that is a helpful glimpse of some of the national and statewide market trends that we are seeing! Since real estate is hyper-local, we encourage you to chat with a trusted, active and integrity-driven real estate agent to learn more about the activity and data that applies most to your local community and micro-market. Please let us know if WE can help!
All our best,
Bobbi & Team
Bobbi Decker & Associates fully supports the principles of the Fair Housing Act and the Equal Opportunity Act. For more information, please visit: http://portal.hud.gov/