Real Estate Market Update for Los Angeles, April 2006

The Los Angeles real estate market always starts to get pretty busy in April. Spring is here and the rainy season has ended. More homes are now on the market then there have been all year. When you compare the number of homes on the market in April 2005 to April 2006, there are almost double the number of homes on the market in 2006. This is great news for buyers! However, rates are slightly higher this year as opposed to last year. The average rate for a 30 yr fixed mortgage with 1 point is about 6.25%. This rate is still extremely good! The market is not a buyers market yet, nor is it a sellers market. I would say the market is pretty balanced and almost normal. The average time a home is sitting on the market is 90 days. Prices haven't gone up in a few months, but they haven't gone down at all either. There is still a very high demand for homes in Los Angeles, as I think there always will be. For more info please check us out at www.TheMillenniumTeam.com or e mail me at Anthony@TheMillenniumTeam.com (310) 461-1252 Have a great Spring, and remember April showers bring May flowers~