2016 Best Year in Real Estate for Decade!
This is the California real estate update for January 26th. Hello this is Mary West and this segment is sponsored by Group 1 Real Estate.
Good news came in this week from the National Association of Realtors. Last year was the best year in a decade for existing-home sales.
Low interest rates and solid job growth were cited as factors that had the greatest impact. The average commitment rate for a 30-year, conventional, fixed-rate mortgage 4.20 percent in December.
Housing affordability is still a concern for buyers because of the short supply of existing-homes on the market and lagging new home construction.
Continued low interest rates, low inventory of listed houses, and rising rents will make it easier for first time home buyers to qualify for a loan in 2017.
Thank you for listening and for a transcript, please visit Group1RealEstate.com. This is Mary West with the California Real Estate Update by Group 1 Real Estate.