EXISTING HOME SALES UP 25% IN JULY
According to information from the National Association of Realtors, existing home sales were up 25% in July and US home prices were up 8%, year over year. "The housing market is well past the recovery phase and is now booming with higher home sales compared to the pre-pandemic days," said Lawrence Yun, NAR's chief economist. "With the sizable shift in remote work, current homeowners are looking for larger homes and this will lead to a secondary level of demand even into 2021."
What's apparent locally is that sellers are back! Listing inventories have increased, but don't get too excited. While new listing growth has recovered to pre-Covid levels, they were still down 6%, year over year, not enough to satiate the demand from the many buyers looking to take advantage of low rates. Mortgage interest rates continued down, but did have an uptick last week.
So.....still a seller's market! Note that we still cannot hold traditional open houses as those are not deemed safe, but we can show property by appointment and adhering to COVID protocols set by LA County Health Department.
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.
Stay healthy and safe!
Ana Connell 818.795.8474
Single family home prices(median) for May 2020-July 2020:
Glendale + 10.6%
Burbank + 1.3%
Toluca Lake*. - 35.0%
Pasadena. + 12.1%
Studio City - 9.2%
Hollywood Hills* - 0.0%
Valley Village + 19.1%
Sherman Oaks + 7.1%
Woodland Hills + 3.0%
*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 2.96%
15 yr. fixed rate 2.46%
5 yr. adjustable rate 2.90%
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