C.A.R. Research Analyst Guillermo Flores says that overall, the market in CVAR’s region continued improving from the previous months and the same time last year.
“While we expect the selling season to extend past its typical months, the continued shortage of active listings will likely slow market activity in the months ahead, after all you cannot buy what is not for sale,” he said.
Chief Economist’s View
C.A.R.’s Leslie Appleton-Young, senior VP and chief economist, says that, “Stronger sales of higher-priced properties continue to propel the statewide median home price, as those who tend to purchase more expensive homes are less impacted by the economic recession.
“High demand in resort communities is another variable that’s fueling the increase in home prices,” she added, “as a new wave of remote workers are leaving cities in search of more space and a healthier lifestyle in what used to be the second/vacation home market.”
C.A.R.’s 2020 President Jeanne Radsick also share her thoughts on the analysis.
“A housing market trifecta of strong pent-up demand, record-low interest rates and a renewed interest in the value of homeownership bolstered July’s home sales,” said Radsick. “With this year’s delayed start of the homebuying season due to the pandemic, we expect home sales to remain robust in August and September, extending the season later than what’s typical.”
For more details and information on C.A.R.’s statewide and county analysis, please refer to the July Sales & Price press release. Also, feel free to download the City & County reports available in the Interactive Market Stats section of the car.org.
Lastly, don’t forget to check the C.A.R. Coronavirus pages for the latest industry related updates during the pandemic.
Source: C.A.R. for CVAR