NEW Report: California Housing Market Update // Are home prices and home sales decreasing in California? Here’s the latest real estate market news!
The California Association of Realtors (CAR) released October’s housing market 2020 California stats and real estate market trends. According to CAR, after setting new record highs for 4 straight months, California’s home median price dipped on a month-to-month basis for the first time in five months. The median home price of $711,300 was down 0.2% from September and up 17.5% from October 2019. In addition, October sales dipped 1% from September and were up 19.9% from a year ago. Santa Barbara had the highest price increase, gaining 64% year-over-year. San Francisco was the only county with a drop in price, with its median price declining 1.5% from one year ago.
Affordability and the increases in COVID continues to be an issue with over 250,000 US deaths. How will that affect the real estate market 2020 and going into 2021?
According to the National Association of Home Builders, builder confidence is at an all time high. New home sales increased by nearly 17% in 2020 and single family home starts are at their highest levels since 2007. However, the cost of buying land and construction is hampering new home construction for real estate 2020.
Comment below: What’s your housing market 2020 forecast California and housing market forecast 2021? Will there be a housing crash 2021 or will the housing market continue to surge?
Video I mentioned: Housing Affordability Worsens: Housing Market Crisis
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Jason Walter, CPA (lic #103885)
Sacramento Realtor/Sacramento real estate agent and native
Realty ONE Group Complete (DRE #01923240)
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