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Real Estate Market Slows Down in August

September 26, 2015 By dpizano

improving-housing-picAccording to the California Association of Realtors there were 431,800 single family homes sold during the month of August. This figure is -3.8% from July of 2015 but is +9.3% from August of last year.

One of the market indicators that tell us how the market is doing is the “sales to list price ratio.” This Sales To List Ratio is approximately 98% in all parts of California except the Bay Area. In the San Francisco Bay area the Sales to List Ratio was 103.4% in August 2015 and last month even higher at 104%. This means that if a home was on the market for $100,000, it sold over the asking price in the San Francisco bay area for $104,000 in July and $103,400 in August 2015. Everywhere else in California it would have sold for $98,000.

On a national level, sales were also down in August 2015. Sales of existing homes, condos, townhouses, were down 4.8% from July 2015.

According to Lawrence Yun, chief economist for the national Association of Realtors, “Sales activity was down in many parts of the country last month — especially in the South and West — as the persistent summer theme of tight inventory levels likely deterred some buyers. The good news for the housing market is that price appreciation the last two months has started to moderate from the unhealthier rate of growth seen earlier this year.”

The FED is expected to raise interest rates later this year in December. This could have a negative effect on the housing market in general because a buyers mortgage payment would go up with the higher interest rate. As a result, buyers may have a more difficult time qualifying for a loan with prices going higher and interest rates higher.

Filed Under: Real Estate Tagged With: August real estate statistics, Housing data in San Jose San Francisco Bay Area, housing market in bay area

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About Daniel Pizano Realtor Broker Agent

San Jose Native, Real Estate Guru, Marketing Expert. Bay Area Sports Enthusiast, Frustrated Golfer, Amateur Chef, Wanna-be Cocktail Mixologist. Web Designer. Lover of All Things Green - Gardener. Musician. Associate Broker of Coldwell Banker Residential Real Estate - Los Gatos Office. For more, follow me at @danielpizano Read More…

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Everything starts with a phone call. Call us at 408.460.8401. Daniel Pizano is a top producing real estate agent and broker associate with 10 years of real estate experience. Daniel is affiliated with Coldwell Banker Los Gatos which is a top producing office in Silicon Valley and the entire Bay Area. Real estate is a relationship business. You need a knowledgeable and hardworking broker who will negotiate the best deal for you. Daniel would love to meet with you and see how he can help you achieve your dream of owning your home or selling your home. Call Daniel today!

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Daniel Pizano, broker associate
01471503
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Coldwell Banker Los Gatos
410 N Santa Cruz Ave
Los Gatos, CA 95030

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