LAKEPORT, Calif. – In its latest report on property transactions, the Lake County Association of Realtors said that sales of single-family residences in the first six months of 2019 followed a statewide trend of median pricing leveling off and the number of sales falling below 2018 sales.

During the first six months of 2019, 360 homes sold, which was down 16.5 percent from the 431 homes sold in the last six months of 2018, according to the report.

The association said the decline was 15.1 percent when compared to sales in the first six months of 2018 when there were 424 sales.

The median price was $260,000 in the first six months of 2019, which was the same median for the last six months of 2018. The report said there was a slight decrease in the median when compared to the first six months of 2018 which had a median of $270,000.

“With softer price growth and interest rates at the lowest levels in nearly three years, monthly mortgage payments on a median-priced home have fallen for four straight months. This allows homebuyers to save hundreds of dollars a month on the same home or to potentially consider a slightly more expensive home for the same monthly cost,” said Lake County Association of Realtors President Mary Benson. “Combined with the long-term benefits of homeownership on personal wealth and quality of life, 2019 is a good time to purchase a home for the long haul.”

Cash buyers continued to make up about 25 percent of the deals for each of the time periods. The report showed conventional loans have shown a decrease going from 44.9 percent of the purchases in the first half of 2018 to 42 percent in the last half of 2018 to 38 percent in the first half of 2019.

Use of FHA loans were on the increase with 13.7 percent in the first half of 2018, 17.6 percent in the last half of 2018 and 21.7 percent in the first half of 2019, based on the report.

On a statewide basis the California Association of Realtors reported that the median sales price in California for June was $611,420, virtually unchanged from May and up 1.4 percent from June of 2018.

Existing, single-family home sales total 389,690 in June on a seasonally adjusted annualized rate, down 4.2 percent from May and down 5.1 percent from June 2018.

The 30-year, fixed-mortgage interest rate averaged 3.8 percent in June, down from 4.57 percent in June 2018, according to Freddie Mac. The five-year, adjustable mortgage interest rate was an average of 3.48 percent, compared to 3.82 percent in June 2018.

LAKE COUNTY NUMBERS AT A GLANCE

January – June 2019
Median price: $260,000
Units sold: 360
Median days to sell: 55

July – December 2018
Median price: $260,000
Units sold: 431
Median days to sell: 50

January – June 2018
Median price: $270,000
Units sold: 424
Median days to sell: 41