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Is the market turning over a new leaf?
From the shifting colors of the leaves to the crisp morning air, October is traditionally a period of change. It also can be one of the very best times to buy a home, as it falls right in between back-to-school season and the holidays. This season usually ushers in a slowdown to overall market activity, when sellers may be more apt to negotiate and buyers may find more inventory than previous months.
It’s no secret that the housing market has been appreciating at an unhealthy rate and housing is becoming unattainable for more and more first-time homebuyers and renters. The median housing price of existing single-family homes is up to $1,090,000, an increase of 19.7% year over year. All across Southern California, home prices have hit record highs this year.
The housing market was so hot at the beginning of the year that the moment a property hit the California Regional Multiple Listing Service (CRMLS) the
The housing boom has everything to do with supply and demand, and those fundamental features are not going to change anytime soon.
Just like the national housing market trends, the tight inventory and low mortgage rates are fueling the rise in California home prices. While this kind of price appreciation impacts housing affordability, higher home prices will hopefully encourage more sellers to list their homes for sale, which would in turn reduce the rate of appreciation.
There have been years where sunny Southern California sees very little rain. Sometimes those years accumulate, and the drought becomes severe.
Check out 3 popular homes for sale in Orange, Orange County under 1 million dollars.
5/01/2021
The current active inventory shed another 2% in the past couple of weeks
Jessica Helal | 714.906.0374
Residential Real Estate
DRE #02132295
25950 Acero, Ste 100
Mission Viejo, CA, 92691
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