Magalia Weekly Real Estate Update

Although the Magalia real estate market did have 12 new listings and 11 price reductions last week, we are finally starting to see it come to life again. There were 8 properties that went under agreement and 2 that closed escrow. This was a significant increase in activity over previous weeks. The majority of the activity took place on homes under $250,000 as well as manufactured homes. There is still very little activity on land and properties over $450,000. The interest rates remained low, experiencing virtually no change, going from 5.68 to 5.67 for the 30 year fixed rate.