"In Monterey County in September, the median single-family home sold in 17 days for 98% of the list price based on 150 sales. Inventory was 578, up 12% from September 2024, and the number of new listings for the month of September was up 4% from the same time last year. Closed sales increased 2% year-over-year. In California, the median price for a single-family home in September was $883,640 compared to $868,150 the previous year - a increase of 1.8%."
"The average rate for a 30-year fixed mortgage is currently hovering at 6.25%. On top of the ever-present constrained inventory in Monterey County, interest rate increases over recent years have had a cooling effect on home sales, said Pinterits. "Demand still outpaces our suppressed supply in Monterey County, but it's really a question of qualified buyers working with their realtor to find the right lender and home purchase opportunity for them," he said."
The median single-family home price in Monterey County reached $1,019,500 in September, a 7% increase year-over-year, below the October 2023 record of $1,093,000. Median days on market rose to 17, with homes selling for 98% of list price based on 150 sales. Inventory increased to 578 (up 12%) and new listings rose 4%, while closed sales grew 2% year-over-year. Statewide, California median price rose 1.8% to $883,640; U.S. median price increased 2% to $385,000. A 30-year fixed mortgage rate hovered at 6.25%, and constrained supply plus higher rates tempered sales activity.
Read at The Mercury News
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