When it comes to buying and selling houses, the state of California is one of the hottest markets in the United States. Throughout the country, the asking prices for residential real estate properties reached record highs during the month of May. In addition, houses have been zooming off of the market more quickly than they have at other times since the beginning of the housing recovery.
The most recent three-month period has set brand new records in 2016. Before this period, the highest median price for a home listing was in July of 2015. It was anticipated that after May of 2016, the median price nationwide would be $250,000.
The price tag of $250,000 for a house is 9 percent greater than it was a year ago, and it is 2 percent greater than it was in the month of April. One of the biggest reasons the real estate market is so strong this spring is that demand for housing has been pent up, and mortgage rates are currently low, thus driving customers into the housing market with a sense of urgency. Nonetheless, prices remain relatively high due to a limited supply, which is a recurring issue. California in particular has dominated the list of the hottest real estate markets for the past several months, with cities such as Vallejo, San Francisco, Santa Rosa, Stockton, Sacramento and San Diego are relatively high on the list.
With the residential real estate market throughout the country, including in California, picking up steam, aspiring home buyers might benefit from exploring their housing options this spring season before summer officially arrives. One of the main challenges home buyers face is that navigating the process can be confusing because of the legal aspects of it. However, with proper legal guidance, people may complete the process with confidence and finally claim their dream homes in the Golden State.
Source: realtor.com, “America’s 20 Hottest Real Estate Markets for May 2016“, Cicely Wedgeworth, May 26, 2016