The California Association of Realtors (C.A.R.) just celebrated their 110th year anniversary! Below are some notable moments in economic and market data history that I pulled directly from the most recent California Real Estate magazine.
California homeownership was 46.3% in 1900 and rose to 54.3% in 2013. (Source: U.S. Census Bureau)
Mortgage rates have remained at record lows in recent years, with the lowest level reaching 3.34% for the average 30-year, fixed-rate mortgage. (Source: Federal Home Loan Mortgage Corporation)
The average 30-year, fixed-rate mortgage was 18.4% when it peaked in October 1981.(Source: Federal Home Loan Mortgage Corporation)
C.A.R. has grown from 38 reporting boards in 1970 to 85 reporting boards in 2015.
California’s largest gain in annual median price was 1977, when the statewide median price went up 28.1% from 1976. (Source: C.A.R.)
Between 1968 and 2014, the statewide median price for existing single-family homes had been increasing at an annual rate of 6.6%. (Source: C.A.R.)
California’s largest decline in annual median price was in 2008, when it dropped 37.8% from 2007. (Source: C.A.R.)
Which statistic is most shocking to you?