The California Housing Market Just Got Worse // An alarming report for the California real estate market was just published and many of these trends are jaw dropping. Will we see a California housing market crash? This is your latest housing market update.
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According to the California Association of Realtors (CAR) the median home price in California in November increased 18.5 percent from November 2019.
In real estate market news, houses are also selling very quickly… The median number of days it took to sell a California single-family home was 9 days in November, down from 25 days in November 2019 (a whopping 64% decrease). This November 2020 figure was the lowest ever recorded! Do you believe we are in a housing bubble? Comment below.
In addition, homes in California are selling for 100.5% of the asking price in November 2020. This was the highest ever recorded in the past 30 years. This means that homes on average are selling for a HALF of a percent higher than the asking price.
To add more fuel to the fire, to give you a mortgage update, mortgage interest rates dipped to another record low for the 15th time this year! The 30-year fixed-rate mortgage averaged 2.67% for the week ending Dec. 17, down four basis points from the week prior, according to Freddie Mac.
Comment below: what’s your housing market 2020 forecast and housing market forecast 2021? Do you think a housing crash 2021 will happen and there will be a housing crash or do you think the housing market 2020 will continue to surge?
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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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Jason Walter is not a practicing tax accountant or a licensed attorney or financial adviser. Therefore, the information in these videos shall not be relied upon as tax, legal, or financial advice from a qualified perspective. If you need such advice, please contact a qualified tax accountant, attorney, or financial adviser. We have taken reasonable steps to check that the information in this video is accurate but we cannot represent that it is free from errors. You expressly agree not to rely upon any information contained in this video – it is for entertainment purposes only.
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