Real Estate Market

Featured Listing

Featured Listing

For Sale: $812,000

More Information

Market Trends

Housing Report

According to the National Association of Realtors’ Profile of Home Buyers & Sellers new home sales accounted for 16% of all homes sold in 2014. The graph below shows the top 5 reasons that a buyer would choose new construction over an existing home.
Reasons to Purchase a New Home | Keeping Current Matters
The top three should not come by surprise. With a new home comes the ability to customize the design of the home and the ability to avoid having to renovate or deal with existing problems.
The 10% of respondents who cited “Lack of Inventory of Existing Homes” could very well increase in 2015. Existing home inventory for sale currently sits at a 4.7 months supply, well below the six-months needed to be at a historically normal market.
National Association of Home Builders (NAHB) reports that there is currently a 5.4 months supply inventory of new construction available for purchase.
Months Inventory New Homes for Sale | Keeping Current Matters
Bottom Line
With a steady buyer demand currently in the market, if you are thinking of selling, perhaps you should do it now to avoid additional competition coming to the marke

Note: National Association of Realtors® (NAR) data below is from June (the most current national data)

National Association of Realtors® (NAR) data shows that sales of existing homes dipped in June owing to a low supply. While homes sold at a near record pace, activity ultimately ended up muted. Only the Midwest saw an increase in sales last month.

Total existing-home sales (measures completed transactions for single-family homes, townhomes, condominiums and co-ops) dropped 1.8% to 5.52 million in June from 5.62 million in May. Despite last month's decline, June's sales pace is 0.7 % higher than a year ago.

 Existing Home Sales By Region
NAR's chief economist, Lawrence Yun, indicated that the dip in contract activity in the prior three months translated to a pullback in existing sales in June. "Closings were down in most of the country last month because interested buyers are being tripped up by supply that remains stuck at a meager level and price growth that's straining their budget," Yun said. NAR's economist added, "The good news is that sales are still running slightly above last year's pace despite these persistent market challenges."

Housing Data Takeaways

  • June's median existing-home price for all U.S. housing types was $263,800, up 6.5% from June 2016 ($247,600). Last month's median sales price overtakes May as a new peak and represents the 64th straight month of year-over-year gains.
     
  • Total U.S. housing inventory at the end of June dropped 0.5% to 1.96 million existing homes available for sale, and is now 7.1% below a year ago (2.11 million) and has dipped year-over-year for 25 consecutive months. Unsold inventory nationally now offers a 4.3-month supply at the current sales velocity, which is down from 4.6 months a year ago.
     
  • First-time buyers drove 32% of sales in June, down from 33% both in May and one year ago. The annual share of first-time buyers for 2016 was 35%.
     
  • Freddie Mac data indicates the average commitment rate for a 30-year, conventional, fixed-rate mortgage fell for the third consecutive month, dipping to 3.90in % June from 4.01% in May. For all of 2016 the average commitment rate was 3.65%.

Make Your Offer Count!

Before making an offer on a home in today's competitive housing market, it is more important than ever for home buyers get their financial house in order when applying for a loan.

While there are online resources available that can provide a sense of one's overall financial position, be sure to review your credit report in person with your mortgage professional and get pre-approved for a loan before making an offer on a home.

A little preparation goes a long way and can make a big difference when it comes to closing on your dream home. Contact us today to get the right loan for your current needs!

Find the Right Home Near the School of Your Choice

We have a great new feature on our website that will make it easier to find the right home near the school of your choice. If you plan to buy a home in Simi Valley of Thousand Oaks and have children in school, then finding the right school is important. And when you find the right school, then finding the right home near that school is the next step.    

You'll find all the schools in the Simi Valley Unified School District and Conejo Valley Unified School District, with links that take you directly to a search of homes in near each school. It's a powerful search feature that we hope will benefit you in finding the perfect home near the school of your choice.

Visit our School Districts page today and let us know if you need any additional help in finding your ideal home. And make sure to check back monthly as more schools are added.

Share This Page

Contact Information

Rick Gaviati and Associates
Coldwell Banker Residential
883 S. Westlake Blvd.
Westlake Village CA 91361
805-444-8047
805-495-1048 x324
Fax: 805-495-2218