Home Prices Highest in Five Years
Photo: Video by kmir6.com
CREATED Apr. 17, 2013
We've learned some good news for homeowners.
California's median home price is at its highest level in nearly five years.
Here in the desert, prices are rising.
It's all a matter of supply and demand, and that has pushed the state's median home price to its highest since May 2008.
A lack of homes on the market is pushing prices up.
California Desert Association of Realtors says foreclosures are drying up.
"It's definitely trending upward," said Executive Vice President, Ann Ritchie.
The change in sales by price range for California shows higher end homes with more growth.
The news is good for the Coachella Valley as well, the median price of a home rose by 40,000 dollars from February 2012 to February 2013.
"We're seeing a lot of the 2 to 300,000 dollar homes, but we're also beginning to see the higher end market move too," said Ritchie.
Realtor tj Schroeder with Tarbell Realtors says it's still an uphill battle.
"Prices are starting to move up a little bit so that's starting to make the sellers happy, making them want to put their homes on the market again, so we're seeing a little bit of an increase in that, and there's a little bit of new construction," said Schroeder.
Home sales prices in Riverside County were $263,000 in March, up from 245,000 in February compared to 211,000 in March of last year.
"Interest rates while they're creeping up a little bit, they're still under 4 percent, and they're still lower this year this month over last year last month," said Schroeder.
Experts have this advice for people looking to buy a home, "Go and get pre-qualified, be sure that your credit is in order and that you know what you can afford," said Ritchie.
And for homeowners wanting to sell, "Get those repairs done, get your house looking good, have your realtor, tell you what you can expect to sell your house for," said Ritchie.
California Desert Association of Realtors tells me they expect this upward trend to continue, barring anything unexpected happening in the economy.