94% of Metro Areas see double digit price growth in Q2 2021
According to the National Association of Realtors, 94% of metro areas saw double digit price growth in Q2 2021. The formula of continued demand, low inventories and low interest rates has continued to fuel the housing market. Lawrence Yun, NAR chief economist says "There are signs of more supply reaching the market and some tapering of demand," he continued. "The housing market looks to move from 'super-hot' to 'warm' with markedly slower price gains." Locally we have seen increased inventory over the last few months, while noticing that demand has continued to be strong. As you can see below, in the Sold section, home prices are still strong. It will be interesting to see how long it will take for continued increases in inventory to impact sale prices.
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Single family home prices(median) for May 2021-July 2021:
| Glendale | + 26.2% |
| Burbank | + 16.5% |
| Toluca Lake* | + 46.3% |
| Pasadena | + 24.2% |
| Studio City | + 36.7% |
| Hollywood Hills* | + 70.1% |
| Valley Village | + 15.0% |
| Sherman Oaks | + 19.6% |
| Woodland Hills | + 30.1% |
are somewhat misleading
Weekly national mortgage rates for loans under $400,000, top credit scores:
| 30 yr. fixed rate | 2.77 | ||
| 15 yr. fixed rate | 2.10 | ||
| 5 yr. adjustable rate | 2.40 |
