The insane pace of the housing market has come to an end and the instant marketplace has shifted to a much more normal, typical speed for this time of year.
Everyone seemingly has an opinion when it comes to the housing market. Forget economic models, data, charts, and statistics. Most believe that since values have soared to ridiculous heights and now mortgage rates have skyrocketed to their highest level since 2008, prices must correct.
Yet, this kind of logic ignores facts:
- There is still a huge missing ingredient when it comes to housing, not enough homes.
- There is an absurd lack of homes available to purchase. Due to a lack of supply, the housing market continues to line up in favor of sellers...
Even with muted demand due to the higher mortgage rate environment, the muted supply of available homes has allowed the Los Angeles County housing market to continue to line up slightly in favor of sellers....read more
Interest rates continue their upward march, but the housing market in California remains competitive with few signs of buyers pulling back despite another rate hike by the Federal Reserve last week.
The latest jobs report showed continued expansion in the macro economy, but the ongoing labor shortage arising from a depressed labor force will mean that the Fed is likely to remain aggressive in their approach to inflation, meaning that longer- term rates will likely rise further as well.
Fortunately, listings continue to rise across the state, which should help buyers eager to find a home before rates climb any higher...MOREread more
In the first half of 2021, home sales for California surged above last year by 34%. Home prices continued to climb with the statewide median price of $819,630, a 21% increase over 2020, setting record highs for four straight months since March 2021. The supply remained tight as for-sale properties consistently dipped below year-ago levels by 40 - 50% in the first half of the year.read more
Are you renting? You’ll be surprised to learn that homes in high costs areas may qualify for down payment assistance.read more