California housing market outperforms expectations, breaking record high median price for fourth straight month, C.A.R. reports.
– Existing, single-family home sales totaled 489,590 in September on a seasonally adjusted annualized rate, up 5.2 percent from August and up 21.2 percent from September 2019.
– September’s statewide median home price was $712,430 up 0.8 percent from August and up 17.6 percent from September 2019.
– Year-to-date statewide home sales were down 3.7 percent in September.
Locally inventory has spiked a bit, but overall still low. Depending on the price point, mainly under $1M, we continue to see an incredible amount of buyer demand(think anywhere from 5-20+ offers)!
What’s Ahead in 2021
California Association of Realtors has released their 2021 Housing Market Forecast.
“Low mortgage interest rates and pent-up demand from a desire for homeownership will continue to bolster California home sales in 2021, but economic uncertainty caused by the coronavirus pandemic and continued supply shortage will limit sales growth.”
The baseline scenario of C.A.R.’s “2021 California Housing Market Forecast” sees a modest increase in existing single-family home sales of 3.3 percent next year with the California median home price forecast to edge up 1.3 percent. “An extremely favorable lending environment and a strong interest in homeownership will continue to motivate financially eligible buyers to enter the market,” said C.A.R. President Jeanne Radsick.