October 19, 2020
2 MINUTE READ
Happy Thursday, friends! This week’s roundup takes aim at rising house prices at home and abroad, the stability that has given to global markets, and how it all affects you.
What’s this all about?
Sales of existing CA single-family homes are forecast to increase to 392k transactions next year, up 3.3% from this year’s projected total of 380k, while the median price of an existing house is forecast to hit $648,800, up 1.3% from 2020’s projected median of $640,300.
What it means
We just threw a lot of numbers at you, but the takeaway is that there’s money to be made out there. That news should further sweeten the deal for folks debating whether to sell. And though these numbers are still a bit off from last year’s projections, it’s encouraging news about the industry’s (if not the state’s) capacity to rebound from [gestures wildly] all this. Pat on the back, California!
What’s this all about?
Dovetailing off the previous story, we’re seeing global housing prices demonstrate similar resilience to those in California. From the UK to China, what’s clear is the demand to move has proved immune to the pandemic’s widespread economic disruptions. Whether you live in Shanghai or Riverside, people are motivated by the same dynamics: safety, normalcy, ease, and opportunity.
Tell me more
Though this data is coming to us from outside the U.S., it reinforces the trends and market movements seen here. Which is to say, we’re not imagining things–real estate markets at home and abroad are charging ahead. Motivations and demand are outweighing the current situation, and though home prices continue to rise, what we all want the most is a fair deal. Maybe an in-ground pool wouldn’t hurt.
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