The median selling price of a single-family home in California was a whopping $814,580 as of Q3 2021. This up 17 percent over the last twelve months and dwarfs the national median of $363,700. This latest information comes from the California Association of Realtors.
Fortunately, these high prices in the Golden State are offset somewhat by historically low mortgage rates. Because of the favorable rates borrowers can lock in, monthly mortgage payments are manageable enough that 42 percent of Californians could afford to meet lender’s homebuying qualification standards. This is up from 40 percent in the spring.
Those looking to purchase a home in California this holiday season will find conforming no-point 30-year fixed mortgage rates are averaging 2.875 percent and 15-year rates are near 2.25 percent.
Do you have a question for Real Estate & Mortgage Analyst Mehran Aram? Submit your queries about a home purchase, refinance, or reverse mortgage via Aramco.biz, social media (#AramcoReport), or over the phone at (877) 700-0942 and your questions may be featured in an upcoming article.
