LAKE COUNTY, Calif. – The Lake County Association of Realtors, or LCAOR, reported that August sales of single family residences resumed a pattern seen throughout the majority of 2018, with median sales prices on the increase and the number of sales on the decrease.

As of the end of August 2017 the median price was $235,000 with 621 sales compared to a median of $267,950 and 584 sales through the end of August 2018.

The August 2018 median sales price was $262,500, up 5 percent over the July 2018 median and up 9.8 percent over the August 2017 median.

There were 88 sales of single family residences in August 2018 which was up 17.3 percent over July 2018 and down 7.4 percent from August 2017. July 2018 sales were affected by the evacuations as closings were delayed by business closures.

“The pattern that Lake County is seeing is similar to what is being experienced statewide,” commented Melissa Chapman, LCAOR’s 2018 president. “Inventory levels have been growing in Lake County since December of 2017 when there were 415 active listings. The number of active listings as of the end of August was 601.”

Conventional loans accounted for 48.9 percent of the sales, with FHA loans being used in 12.5 percent of the transactions and VA loans being utilized in 6.8 percent of the deals. Cash financing was used in 18.2 percent of the deals.

On a statewide level the California Association of Realtors reported that existing, single-family home sales totaled 399,600 in August on a seasonally adjusted annualized rate, down 1.8 percent from July and down 6.6 percent from August 2017.

August’s median home price for the state was $596,410, up 0.8 percent from July and up 5.5 percent from July 2017.

The 30-year, fixed-mortgage interest rates averaged 4.55 percent in August, up from 4.53 percent in July and up from 3.88 percent in August 2017, according to Freddie Mac. The five-year, adjustable mortgage interest rate edged higher in August to an average of 3.87 percent up from 3.84 percent in July and up from 3.15 percent in August 2017.


LAKE COUNTY NUMBERS AT A GLANCE

August 2018
Median price: $262,500
Units Sold: 88
Median days to sell: 40

July 2018
Median price: $249,900
Units Sold: 75
Median days to sell: 45

August 2017
Median price: $239,000
Units Sold: 95
Median days to sell: 24