California Real Estate Update
We are very fortunate in the real estate industry to have some incredible support for our business. No organization does more for us than the California Association of Realtors (CAR).
Among their many resources is perhaps the finest real estate research group in the State. On April 23, 2021, CAR conducted a real estate industry leadership briefing. Among their findings:
- Housing Market: Median price in the State is up 23.9% from last March. Nearly 2/3rds of homes sell above their asking price, in median time of 8 days.
- Mortgage rates: Back down under 3.0%
- Inflation: Inflation rate has surged, but Fed is not planning to act to increase rates
- Retail Spending: A surge of 9.8% in spending in March-interesting much of that in the formally dormant “hospitality” segment-we’re travelling again
- Covid-19: California now has the LOWEST number of cases per capita in the Country
- New Housing: Residential housing starts jumped nearly 20% in March. This is significant because much of our appreciation in value is due to low inventory.
Bottom line, we are looking very good indeed. It’s hard to believe how different we are from just one year ago.
We are always there to help you make the right real estate decisions for you and your family. Please call 949-500-6365, email Frank@FrankDiLauro.com or through our website www.FrankDiLauro.com