2020 Ends With a Bang: California Housing Market Update // BREAKING: A shocking report for the California real estate market was just released and many of these trends are quite alarming. Will we see a California housing market crash? This is your latest housing market update.
According to the California Association of Realtors (CAR), California housing prices (the median home price in California) in December increased 16.8 percent from December 2019 reaching a NEW record high of $717,930. That was the 5th record high for 2020! The last record was set in Sept 2020 ($712,430). Do you think home prices will continue to increase in 2020 or will the California real estate market crash?
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For the California housing market, December home sales ticked up 0.2 percent from November and were up 28 percent from a year ago.
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 11 days in December, down from 28 days in December 2019, and only 2 days longer than the lowest number of days ever recorded in the previous month. What are your thoughts on this? Do you believe we are in a housing bubble? Comment below.
In addition, homes in California are selling for 100.1% of the asking price in December 2020. This was almost the highest ever recorded over the past 30 years. This means that homes on average are selling for the asking price.
To give you a quick mortgage update, rates increased slightly last week… video coming soon!
Comment below: what’s your housing market 2021 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 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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