Sales are at their strongest in months, prices are up, and rates have come down. Here's where the Burbank, North Hollywood, and Glendale market stands right now.

I hope you had a fantastic start to the summer, because I've got some exciting news to share. Home sales across our area are the strongest they've been in months, and we're now in full swing of the summer season. So here's your quick market update for Burbank, North Hollywood, and Glendale, comparing last May to this May.

Let's start with sales. Last May, the area saw 137 home sales. This May, that number jumped to 154, which is up more than 12% year over year. That's fabulous news and a real sign of momentum heading into the busiest season.

Prices are up, too. The average price last May was about $1,197,000, and this May it came in around $1,238,000, an increase of roughly 3%. Steady, healthy appreciation.

“More inventory is coming on the market, and more buyers are coming out to meet it. This is prime time.”

And here's the part a lot of people have been waiting for. Interest rates last May were around 6.842%, and this May they're closer to 6.438%. That's a drop of about 0.4 points, roughly a 6% decrease, which makes a real difference in your monthly payment and your buying power.

Put it all together, and you can see why this is prime time. There's more inventory coming on the market and more buyers coming out to meet it. If you've been waiting for the right moment to make a move, the conditions right now are worth a serious look.

If you have any questions about the homes on the market, where interest rates are headed, or anything real estate related at all, I'm here on standby. Give me a call at 818-953-5300 or email me at brad@bradkorb.com, and visit bradkorb.com anytime. I look forward to chatting with you soon.