Archives for September 2020

We will discuss the latest Los Angeles housing market prices and trends. Home sales dropped over the past couple of months but prices remained high. In June, we saw the first rebound in home sales. In Metro Los Angeles, the jump in sales was 48%. The home prices rose $18,000 or 11.6% to a new level of $553,000. All the six counties of southern California saw an increase in sales as compared to May. July followed the trend.

In August 2020, the six-county region’s median price reached $640,000 in August 2020, up 12.9% from a year earlier. In Los Angeles County, existing single-family home sales dropped by 3.9% from July and fell by 5.2% from August 2019. The median price rose by 7.9% from a year earlier to $677,260. Orange County sales the biggest jump in sales (13.7%) from a year earlier. The median price rose by 14.8% from a year earlier to $930,000.

The Metro Los Angeles housing market posted a year-over-year increase of 4.4% in sales. Compared to July, sales decreased by 1.7%. The median home price of the LA metropolitan region rose to $615,000, up 12.8% from last year. Compared to July, the median price increased by 4.2%. The sales figures are still lagging if we compare them to last year. The rise in home prices and sales have shifted the market conditions to a balanced one. The inventory still remains tight. The Unsold Inventory in Los Angeles Metro Area is 2.3 months.

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Updated: Sep 24, 2020. We will discuss the latest California housing market prices and trends and find out how they can affect the buyers & sellers in the coming months. After home sales bounced back in June, the California housing market continued to improve in August 2020 as home sales climbed to their highest level in more than a decade. The median home price followed the trend by hitting another high, breaking July's record. Lowest interest rates ever are bringing many motivated buyers into the market, which has led to the fastest sales growth in the California real estate market in a decade, as reported by C.A.R.

Sales for existing single-family home sales climbed above the 400,000 level for the second straight month since the COVID-19 crisis depressed the California housing market earlier this year. Sales were up 6.3 percent from July and up 14.6 percent from August 2019. This is an indication that buyers and sellers are beginning to realize that real estate deals can still be conducted despite the coronavirus pandemic. Sales of higher-priced properties are recovering faster than the rest of the market. August’s statewide median home price was $706,900, up 6.1 percent from July and up 14.5 percent from August 2019.

The yearly price increase was the highest recorded since March 2014 and larger than the six-month average of 4.3 percent observed between February 2020 to July 2020. The Central Coast and the San Francisco Bay Area had the strongest sales growth in August with both regions surging more than 10 percent in sales year over year. Zillow reports that the statewide median home value had gone up by 5.5% over the past year and going into 2021, home-price appreciation would pick up again and increase by 5.0% (August 2021).

Housing affordability is improving California due to lower mortgage rates combined with fewer new homes being constructed as the construction supply chain is impaired. This could lead to a more upward pull on California home prices. Unsold inventory is already at low levels (2.1 months), and reduced construction activity means that is likely to continue—especially if buyers respond to lower rates. The latest housing statistics for August 2020 are given below.

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Home prices are rising across the Southern California housing market despite the pandemic. San Diego area is also a strong seller’s real estate market. For sellers, now is the opportune time to put their San Diego home up for sale. Inventory is low, prices are rising, and pent-up demand alongside low mortgage rates has the market flooded with homebuyers. The pricing of homes is trending higher and is more attractive for sellers in the current phase. The shortage of supply and an increase in the demand for housing will push the prices higher in the San Diego housing market.

In August 2020, sales of single-family homes increased by 10.2% y-o-y, affirming that there is a strong demand among homebuyers in the area. Pending sales have also increased over the last 3 months in San Diego County. Home prices across the San Diego metro area are rising steadily in 2020. Due to the pandemic, it was expected that the home prices would remain flat or drop a bit in the coming months to favor buyers. That was a much-awaited condition for homebuyers who cannot afford a home in the median price. But that's not the case.

The median sold price of single-family homes increased by a whopping 12.7% year-over-year to $650,000. Earlier in July, the median price had increased by 10.6%. The San Diego home prices have increased by 6% from June to July of 2020. According to the latest San Diego real estate market update for August 2020, inventory of single-family homes has dropped 51.2%. That is one reason we see a drop of 2.2% in sales as compared to the previous month (July). There is a severe shortage of available properties for sale in the San Diego real estate market.

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