Marin County Real Estate Blog

Demand for home loans waned in the US last week as mortgage rates rose to their highest levels in over a year.  According to a report from the Mortgage Bankers Association, the rising rates impacted demand for both purchase and refinance loans, prompting a slight slowdown across the mortgage industry.  Interest rates had been hovering around historical lows for more than a year, but they have been surging over the last six weeks.  Last week, the average rate for a 30-year fixed mortgage was 4.17 percent, marking its highest level since March 2012.  As a result, the MBA’s gauge of applications for refinance loans slipped 3.4 percent while the group’s measure of home purchase applications fell 3 percent.  The percentage of total applications accounted for by refinance requests, meanwhile, held steady at 69 percent.

According to most economists, the primary reason interest rates have been climbing in recent weeks is that banks are concerned that the Federal Reserve is getting close to winding down its monetary stimulus plan.  These concerns have caused the average rate for a 30 year loan to rise 0.58 percent since the start of May.  This steady increase in mortgage rates has taken a toll on mortgage demand, sparking a 3.3 percent slide in the MBA’s index for overall mortgage application demand.  While the MBA’s index does not represent all of the mortgages applied for across the US, the group does report on about three-fourths of all residential mortgage applications across the nation.

The average price per square foot for homes in Tiburon, California is around $444, unchanged from a year ago. The median sales price for homes sold between mid-January and mid-March was $1.1 million based on the only home sold in that time. Compared to the same time frame a year ago, the median price was unchanged. In the week ended June 12th, the average listing price for homes on the market in Tiburon was just over $5.25 million, down nearly 4 percent from the week before.

The average price per square foot for homes in Sausalito, California is around $610, up nearly 32% from a year ago. The median sales price for homes sold over the last two months was just over $900,000 based on 52 homes sold. Compared to the same time frame a year ago, the median price has gone up almost 34%. In the week ended June 12th, the average listing price for homes on the market in Sausalito was just over $2.4 million, down nearly 1 percent from the week before.

The average price per square foot for homes in San Rafael, California is around $380, up nearly 22% from a year ago. The median sales price for homes sold over the last two months was just over $670,000 based on 237 homes sold. Compared to the same time frame a year ago, the median price has gone up almost 35%. In the week ended June 12th, the average listing price for homes on the market in San Rafael was just under $1.2 million, down nearly 3 percent from the week before.

The average price per square foot for homes in San Anselmo, California is around $550, up more than 20% from a year ago. The median sales price for homes sold over the last two months was just over $975,000 based on 85 homes sold. Compared to the same time frame a year ago, the median price has gone up almost 35%. In the week ended June 12th, the average listing price for homes on the market in San Anselmo was just under $1.85 million, down nearly 5 percent from the week before.

The average price per square foot for homes in Ross, California is around $870, up nearly 4% from a year ago. The median sales price for homes sold over the last two months was just under $2.45 million based on 11 homes sold. Compared to the same time frame a year ago, the median price has gone up almost 38%. In the week ended June 12th, the average listing price for homes on the market in Ross was just under $225,000, down nearly 5 percent from the week before.

The average price per square foot for homes in Novato, California is around $306, up just over 20% from a year ago. The median sales price for homes sold over the last two months was just under $575,000 based on 215 homes sold. Compared to the same time frame a year ago, the median price has gone up almost 38%. In the week ended June 12th, the average listing price for homes on the market in Novato was just under $845,000, down about 2 percent from the week before.

The average price per square foot for homes in Mill Valley, California is around $606, up just over 11% from a year ago. The median sales price for homes sold over the last two months was just under $975,000 based on 152 homes sold. Compared to the same time frame a year ago, the median price has gone up almost 15%. In the week ended June 12th, the average listing price for homes on the market in Mill Valley was just over $1.6 million, up a little over 1 percent from the week before.

The average price per square foot for homes in Larkspur, California is around $578, up nearly 3% from a year ago. The median sales price for homes sold over the last two months was just over $1.2 million based on 35 homes sold. Compared to the same time frame a year ago, the median price is up more than 40%. In the week ended June 12th, the average listing price for homes on the market in Larkspur was just under $1.6 million, down about 10 percent from the week before.

The average price per square foot for homes in Greenbrae, California is around $520, up nearly 8% from a year ago. The median sales price for homes sold over the last two months was just over $925,000 based on 29 homes sold. Compared to the same time frame a year ago, the median price is up more than 13%. In the week ended June 12th, the average listing price for homes on the market in Greenbrae was just under $980,000, down just over 1 percent from the week before.