With every down there is an up – the silver lining to our real estate trends lately is that the entry level California affordability index is at one of its highest levels ever…59% vs 33% a year ago. Add to that terrific mortgage interest rates and we’ve got Los Angeles county showing a 41.3% increase in sales volume – Feb. 09 vs Feb. 08! Dataquick News story reports that Southland sales volume has outpaced last year again with the median price remaining unchanged. As the entry level buyers start buying up the inventory that is out there, the next level of buyers – the “move up” buyers can start to make their move and so on. Eventually we will see some movement again in the higher end market which is still somewhat soft right now.
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