Fam, it’s time for a monthly update!
The availability of housing has declined more than 30% across California! June saw the sharpest increase in sales in almost 4 decades and average home prices went up. The typical home price fell just below $600k last month and is now sitting at $625k. That’s insane! Even million dollar properties have been selling like candy trending more than 3% increase in sales from last month.
The record high average for home prices is also an indicator that the average buyer right now is unaffected by the pandemic and is making more money and better with their credit than past average buyer demographics. It’s important to note though that overall home sales are down as buyers gage if it is a safe time to buy during the pandemic but those numbers are going up. The numbers of mortgage applications are increasing and number of people in forbearance is decreasing. Forbearance has been decreasing every week for the last 6 weeks by a minimum of 5% with the most recent week reflecting an 8% decrease in forbearance. These numbers show that the housing market is still very active, especially as people are now working again.
Of course, we should mention that things could change with the number of coronavirus cases increasing recently and some businesses having to close back down again but we’ll be sure to keep you updated on any progress or changes to the mortgage market.