Welcome to Thursday, boys and ghouls! This week, we’re taking stock of encouraging housing forecasts for 2021 and learning just what it is that has kept California’s home sales market so resilient. With the Dodgers winning the World Series earlier this week and Halloween on Saturday (MWA HA HA), this week’s roundup should be a scream! (I’ll, um, see myself out…)
CA Home Sellers Walking Away With Record Amounts of Cash
What’s this all about?
While the pandemic has affected the lives of Californians in countless ways, it hasn’t managed to stop those seeking to sell their homes. In fact, Californians who sold their homes this summer walked away flush with cash. While the national average is around $85,000, residents of the San Jose and Santa Clara regions gained an average of $565,000 in cash equity.
What it means
It’s further evidence the California housing market has the strength to overpower pandemic-caused national economic downturns affecting other markets and industries. A bottleneck in available housing is largely responsible for powering this rise, along with low mortgage rates. However, this is a problem in the long run, as these conditions leave little breathing room for low and mid-tier would-be homeowners, who are struggling to afford to buy. If you’re a seller who’s ready now, Reali can help.
Homes in CA Expected to Rise 3.3 Percent in 2021
What’s this all about?
According to the California Association of Realtors, CA home sales are expected to rise 3.3% in 2021, accompanied by a 1.3% uptick in median prices for single-family homes. So hey, moderate growth–not too shabby for all that’s going on these days.
Tell me more
Per Leslie Appleton-Young, the association’s senior vice president and chief economist, “The… pandemic, sluggish economic growth, a rise in foreclosures, and the volatility of the stock market are all unknown factors that could…prevent the statewide median price from rising too fast.” Largely good news, but like most things lately, maybe take it with a spoonful of cautious optimism.
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