MORE Home Price News
The California Association of REALTORS® (CAR) reports that "The median price of an existing home in California in October increased 17.4 percent and sales increased 9.9 percent compared to the same period a year ago. The median price of an existing, single-family detached home in California during October 2003 was $381,200, a 17.4 percent increase over the revised $324,670 median for October 2002, C.A.R. reported."
For the whole story from CAR
Mortgage Applications Up Too
The California Association of REALTORS® also reports that "The Market Composite Index of mortgage loan applications, a measure of mortgage loan applications for purchases and refinancings, increased by 16.9 percent to 775.6 on a seasonally adjusted basis for the week ending Nov. 21 from 663.2 one week earlier, according to a report released today by the Mortgage Bankers Association (MBA). On an unadjusted basis, the Index increased by 28.1 percent for the week ending Nov. 21 compared with the previous week and was down 33.8 percent compared with the same week one year earlier."
For complete info from the MBA
Housing Affordability will be helped for some
And, CAR announced that more people will be able to afford housing due to "Fannie Mae's and Freddie Mac's announcements yesterday that each will increase its single-family mortgage loan limit from $322,700 to $333,700 in 2004"
For more details from CAR