But, the devil is in the details. Many listings priced under $1.3M are seeing brisk activity and multiple offers. The higher the price, the fewer the buyers, which have been affected by lack of jumbo loans, having said that, homes at all levels are selling. As you look at the numbers below, keep in mind that in some areas, because of low inventory levels which translates into fewer sales, the numbers are a bit wonky. Watch the Altos Research video below to see why they are forecasting higher prices this summer.
Even with the recent better than expected jobs number, the Federal Reserve is not expected to raise rates this year and has basically said they will keep injecting money into the system as long as is needed.
I will continue to keep you updated, in the meantime, if you have any real estate related questions, I’m here to help, please give me a call.
Single family home prices(median) for March 2020-May 2020: Glendale – 5.8% Burbank + 1.4% Toluca Lake* + 53.0% Pasadena – 2.9% Studio City – 15.5% Hollywood Hills* – 32.8% Valley Village + 3.2% Sherman Oaks + 3.9% Woodland Hills + 6.5% *Please note that this area had few sales so percentages are somewhat misleading
Weekly national mortgage rates for loans under $400,000, top credit scores: 30 yr. fixed rate 3.21