the collective, REALTY Blog
Home equity surges as demand soars and mortgage rates stay low
After a brief stall in home sales at the start of the coronavirus pandemic, homebuyers came rushing back in — so fast that prices never even took a hit. In fact, the gains in prices accelerated quickly, causing home equity to soar even more. Home equity for homeowners with a mortgage rose 6.6% annually in […]
Mortgage Rates Hit Another Record Low
Just as some housing experts were predicting rates couldn’t get lower, they did. The 30-year fixed-rate mortgage reached a new all-time low, averaging 2.86% this week, according to Freddie Mac. “Mortgage rates have hit another record low due to a late-summer slowdown in the economic recovery,” says Sam Khater, Freddie Mac’s chief economist. “These low […]
Housing Demand Boosts Home Construction
A surge in home-buying demand and limited inventory for existing homes is spurring construction to help fill the gap. Home builders attribute their robust sales to low interest rates, a shortage of existing homes for sale and consumer willingness to move farther from city centers in exchange for more space. New single-family-home sales rose 13.9% […]
L.A. County home sales jumped 34.6% in July
Southern California’s housing market surged in July, as buyers plowed into the market despite the overall economic uncertainty. Home sales and home prices rose from June to July, according to the Los Angeles Times, with Southern California largely mirroring national trends. Sales of new and existing homes in Los Angeles County and the five others in the […]
Mortgage Rates in August
According to Freddie Mac’s latest Primary Mortgage Market Survey, the 30-year fixed-rate mortgage averaged 2.96 percent in mid-August 2020. “Homebuyer demand remains strong, especially for those in search of an entry-level home where the improvement in affordability via lower mortgage rates has a material impact,” said Sam Khater, Freddie Mac’s Chief Economist. “Even with this […]
Southern California housing, Slowest sales and highest prices
Southern California house hunters, challenged by a pandemic, bought the fewest homes in any June on record while record-low mortgage rates helped push the median selling price to an all-time high. DQ News/CoreLogic reported on Wednesday, July 22 that buyers closed purchases of 17,678 residences — existing and newly built — in June in the […]
Los Angeles County home prices up by 4%
A new housing report shows Southern California home prices continued to rise in June, thanks to low mortgage rates and a constrained supply of homes for sale. Los Angeles County single-family home sellers experienced an average gain of 4% over prices in June 2019, a same-home sales comparison by CoreLogic showed Tuesday, Aug. 4. L.A. […]
How The Housing Market Remains Strong in Southern California Q&A
Southern California’s real estate market has seen its share of ups and downs in recent years.Dealing with the initial effects of the coronavirus pandemic on the housing market. We had questions answered on what the pandemic means for buyers and sellers no matter what their income bracket is. Has the pandemic tanked the real estate […]
Average U.S. mortgage rate falls below 3% for the first time
The average mortgage rate fell to 2.98% this week, breaking the 3% threshold for the first time, as investors concerned about a resurgence of the COVID-19 pandemic fled to the safety of the bond markets and the Federal Reserve continued to scoop up securities backed by home loans. The average rate for a 30-year fixed mortgage fell to the […]
Housing Market reacts to 4.8 Million New Jobs in June
In a big surprise this week, U.S. employers added a much-larger-than-expected 4.8 million workers to payrolls last month. According to data from the Bureau of Labor Statistics, the U.S. unemployment rate also fell to 11.1 percent. Market reaction was swift from U.S. housing industry association experts on the surge in job creation in June 2020. […]
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