Homebuyer ALERT: Home prices and home sales decreased in California last month. In fact, the median sold price in CA dipped below $800k for the 1st time since March of this year. In addition, pending home sales declined by double digits for the 5th consecutive month. This is according to the latest California housing market update from the California Association of Realtors (CAR). In today’s video, I share details about how each region and county fared in California because there were some pretty big differences.
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My previous CA Housing Market Update that I referred to:
The California Association of Realtors (CAR) released October’s housing market stats yesterday. They reported that the median sold price for single family existing homes in California declined from $808,890 in September 2021 to $798,440 in October 2021.
Part of the reason for the decrease in home sales may be from a drop in luxury home sales, low amount of inventory and seasonality.
In the Sacramento real estate market, CAR reported that the median home price increased from $507k to $510k in Oct 2021, a 0.6% month to month increase in Sacramento California. Home sales in Sacramento CA increased 0.8% from Sept 2021.
To give you a quick mortgage interest rates update, according to the Mortgage News Daily the average 30yr fixed rate mortgage is 3.21% for the current mortgage rates. This is mixed news if you’re a homebuyer right now or if you’re a homeowner looking to refinance.
Comment below: what’s your housing market forecast? Do you think a housing crash will happen or are your housing market predictions that the real estate market and home prices will continue to surge?
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Jason Walter, CPA (lic 103885)
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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