La Jolla Real Estate: La Jolla Luxury Homes

The National Association of Realtors reports that existing-home sales marked their third monthly rise in June as well as declining inventory and home prices decreasing at a slower rate.

Existing-home sales in June rose 3.6 percent to an annual rate of 4.89 million units, from a downwardly revised 4.72 million pace in May. 

This rise occurred in all major regions of the country and provides hope for a consistent increase to continue including in the La Jolla Real Estate market. 

Despite this good news, many Realtors are reporting lost sales as a result of new appraisal standards. NAR chief economist Lawrence Yun states that normal homes have been compared with distressed homes sold at a discount, which often are in inferior condition. This causes real harm to both buyers and sellers. Yun recommends the use of appraisers with local expertise to prevent this from happening.

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Although there are challenges, the housing market is showing signs of recovery.  The first time homebuyers tax credit has been a major incentive for purchases of La Jolla Luxury Homes and it is contributing to the healing economy. 

The inventory of existing homes for sale declined 0.7 percent to 3.82 million in June.  This represents a 9.4-month supply at the current pace of sales, down from a 9.8-month supply in May.  The median national home price fell 15.4 percent to $181,800 from the same period a year ago.

The volume of sales, including La Jolla Real Estate sales need to stay above the level of new inventory so that prices can stabilize in many areas by end of the year.

For more information on any La Jolla Luxury Homes for Sale, contact:

Maxine & Marti Gellens
1299 Prospect Street,
Suite 303
La Jolla, CA 92037
Tel: 858-551-6630