The housing market in California has seen a surprising steady increase this year, taking into account the Covid-19 pandemic. 35,300 new and resale home transactions closed escrow in California this past month. There has been significant progress on the market and economy and lots of demand from homebuyers. With lowered interest rates and a healing economy brings great flexibility on where to live. In addition, California added another 140,400 jobs in July, bringing us back to roughly 817,000 with three consecutive month increases. This means more people are coming off unemployment, which ultimately means more money in the market that can be spent on new homes.
For a more clear picture on how the housing market has been doing, check out this informative infographic below provided by the California Association of Realtors:
As you can see, the housing market is seeing a steady increase by +4% in sales closing, +5% in entering escrow, and +7% in property listings. Even though there were a -5.8% in closed sales per day last week, realtors are optimistic that sales will be up next week going into September. They also believe that prices will be up next week and moving forward into the new month.
Many signs remain positive in the broader economy and the housing market. Although, with home inventory being low, this bares a serious obstacle in home buying going into the fall months. It will indeed be interesting to see how the housing market continues to go in the next couple months. Be sure to stay tuned as Stephen White Real Estate will be giving you monthly housing market updates so you have the latest information at your fingertips! As always, if you are interested in purchasing a home and helping the housing market continue to grow, contact Stephen White today!
