There’s great news for real estate this month in Downey and the surrounding area!  To be honest we were getting a little nervous when we saw that for 2 months in a row (March & April, 2011) home values were at approximately $301,000, the lowest since we’ve been tracking home values.  We were unsure of the direction that home values were going to take this summer.  We didn’t know if values would continue to decline, going below $300,000 or not.  Home values actually went up slightly for the months of May and June.  According to MLS reports, May had an average sales price of $306,831, and June had an average sales price of $308,768.  The market is still holding strong as you can see by the graph.

There’s also great news concerning interest rates.  According to bank interest rates for a 30 year fixed conventional loan are at 4.5% compared to 5.02% back in February.  We highly suggest that if you are interested in buying that you act now!  Don’t wait for interest rates to go up, and definitely don’t wait for prices to increase.