WALTERIA & VICTORIA KNOLLS R E A L E S T A T E MA R K E T U P DA T E
Market Update
MARKET STATS
INTEREST RATES ARE UP & THE HOUSING AFFORDABILITY INDEX IS DOWN
RESIDENTIAL
The 30-year fixed rate has more than doubled since the beginning of the year. Making mortgage rates increasingly volatile over the past several months. As a result, demand is declining as some potential buyers try to navigate the unpredictable landscape, while others remain sidelined because they cannot qualify for a loan.
$1,137,077
AVERAGE LIST PRICE
$1,128,923
Mortgage rates dip back below 7% ~ The 30-year fixed-rate mortgage averaged 6.95% in the week ending November 3rd, down from 7.08% the week before, according to Freddie Mac. A year ago, the 30-year fixed rate stood at 3.09%. Mortgage rates continue to hover around 7%, causing the once-hot housing market to cool considerably, said Sam Khater, Freddie Mac’s chief economist.
AVERAGE SOLD PRICE
8
LISTINGS FOR SALE
HOW DOES THIS AFFECT YOUR CURRENT HOUSING MARKET? We are seeing a more balanced market. Well-priced homes in good locations are still desirable, while overpriced, less advantageous homes are experiencing price reductions or not selling. Strategic pricing, creative solutions & expert marketing are some of the key factors to successfully navigating these ever-changing market conditions. There are multiple ways to lower the interest rate/incentivize buyers. We can recommend some excellent lenders. Whatever your goals are ~ We can help show you how to get there!
6
LISTINGS PENDING
17
AVERAGE DAYS ON MARKET
Your Walteria & Victoria Knolls Specialists,
JULY-SEPT 2022 *SOURCE: MRMLS
Julie & Sarah HOW PAYMENTS HAVE BEEN AFFECTED 30 YEAR FIXED
2022
Coming Soon
P&I (ON $800K LOAN)
JANUARY
3.45%
$3,570
FEBRUARY
3.76%
$3,709
MARCH
4.17%
$3,898
APRIL
4.98%
$4,285
MAY
5.23%
$4,408
JUNE
5.52%
$4,552
JULY
4.98%
$4,285
AUGUST
5.22%
$4,403
SEPTEMBER
6.70%
$5,162
OCTOBER
7.08%
$5,365
NOVEMBER 3RD
6.95%
$5,296
**2800 PLAZA DEL AMO #204** 2 Bd | 3 Ba | Torrance TWHS
$3,100/MO
Your Walteria & Victoria Knolls Specialists Julie Lockwood
QSC Realtor Lic. #01269205
310.994.0774
Sarah Paris
QSC Realtor Lic. #01498894
310.951.0341
“We’re Here To Help You Achieve All Your Real Estate Goals” ~ Julie & Sarah
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