The Real Estate Market is Shifting.........
Nationally, existing home sales are still showing strength, prices are still strong but the number of sales are back to pre pandemic levels. Rates have been increasing and mortgage rates are double what they were six months ago, with mortgage rates hitting 6.3% this month, according to Fortune Magazine. This type of increase, with more potentially on the way, will definitely play a huge part in dampening buyer demand. Nationally and locally, over valued markets are expected to feel the pain more than others. If inventories don't increase substantially, lower buyer demand may not be as catastrophic to our local markets. What we don't know is how other factors, such as how our areas will weather a recession on the horizon and potential layoffs.
Locally, see chart below, home sale prices have remained strong and we are starting to see some shifts in the number of buyers, but overall demand is still there, at least, for now. Below are some good reads for your week:
Before and After Photos of Renovated Mountain Home
Architectural Digest's list of the 51 Best AirBnB's in the US(2022)
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Single family home prices(median) for March 2022-May 2022:
| Glendale | + 7.7% |
| Burbank | + 13.8% |
| Toluca Lake* | + 36.8% |
| Pasadena | + 12.9% |
| Studio City | + 8.7% |
| Hollywood Hills* | - 16.0% |
| Valley Village | + 34.7% |
| Sherman Oaks | + 16.7% |
| Woodland Hills | + 15.0% |
*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 | 5.81 | ||
| 15 yr. fixed rate | 4.92 | ||
| 5 yr. adjustable rate | 4.41 |
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