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The California real estate market has shown signs of recovery in May, with home sales reaching the highest level in eight months and the median home price surpassing $800,000 for the second consecutive month. The market is demonstrating resilience and stability. The Santa Barbara real estate market remains strong while interest rates hovers around 7%. On July 16, 2023, the current average interest rate for a 30-year mortgage was 7.14%. Source: Bankrate All Cash purchases have picked up since last year here in Santa Barbara. All Cash sales for June of 2022 were 28%. This year for June was 40%, which may reflect the dramatic hike in interest rates this year. Click Read More below for graphs, charts, and video.
Factoid: May is the best month to sell your home[...]
The Santa Barbara housing market is very competitive. Homes in Santa Barbara receive 4 offers on average and sell in around 31 days. The median sale price of a home in Santa Barbara was $1.5M last month, down 17.0% since last year. The median sale price per square foot in Santa Barbara is $1.24K, up 5.3% since last year. Click Read More below for Charts, Graphs, and more Statistical Data
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