Real estate market summary for the week of August 8-14, 2020
Last week we saw an increase in the number of property listings and escrows, though the number of closed housing transactions was down 18% compared to the prior week. This downturn was primarily in part to fewer property escrows opened and closed during the July 4th holiday week.
Mortgage rates are at all time historic lows, resulting in a 20% increase in new mortgage applications from last year at this time. With the economy shut-down in spring and early summer it is quite encouraging to see the real estate housing market show signs of rebounding.
You can look for many signs of positive progress regarding California real estate in the coming weeks and we will say the trajectory at this moment looks promising. Though the inventory of residential homes listed for sale is slimmer than buyers would like, the historically low mortgage interest rates are bolstering sales with sellers reaping the benefits.
The experts remain cautiously optimistic at the moment.