Here are the latest housing market predictions for 2021 & 2022. It has been roughly one year when the pandemic put the housing market on hold for several months last spring. But the real estate market bounced back rather quickly. For nearly a year now, low mortgage rates and increase in working from home ignited by the pandemic have fueled a rapid increase in housing demand — espicially in lower-density suburbs. Despite uncertain economic times, there has been a booming residential housing market.
Home prices & sales are rising across the Southern California housing market and San Diego is no exception. In Southern California, the median home price has risen by double digits for eight consecutive months. Homes on the market are selling at a fast pace, often fetching multiple offers well above what the sellers are asking.
We will discuss the latest San Jose real estate market trends. The San Jose's housing market is infamously expenisve. A lack of homes for sale is pushing prices up, so potential buyers are facing an affordability crunch. According to city's officials, the median home price for the last quarter of 2020 was $1,225,000.
Buyers need to earn $203K per year to afford a median-priced single-family home whereas the average income needed to buy a house nationally is $60,770. Only 22% of San José homes are affordable to median-income households. That means home ownership of a median-priced home is out of reach for nearly 80 percent of the city’s residents.
We will discuss the latest Los Angeles housing market trends and forecast for 2021. After the impact of the pandemic, which halted the market for a while, we saw the first rebound in home sales in June of last year. Since then the home prices & sales have been accelerating year-over-year across the Southern California housing market and Los Angeles is no exception. In Southern California, the median home price has risen by double digits for eight consecutive months. Homes on the market are selling in a heartbeat, often fetching multiple offers well above what the sellers are asking. [Read more…]
The California housing market ended the previous year on a high note as sales remained strong in December and median house price reached another record high. The same momentum has been carried forward in 2021. In the third month of 2021, the median home price reaches new all-time high as nearly two-thirds of homes sell above asking price, C.A.R. reports. Existing single-family home sales decreased 3.5 percent from 462,720 in February and were up 19.7 percent from a year ago, when 373,070 homes were sold on an annualized basis