Our CVAR update from C.A.R. Research Analyst Guillermo Flores: Overall, the market has been doing well, at least for August.
Sales soared from last year by double-digits as rate remained favorable and the statewide median price set a new record and surpassed $700k for the first time. With prices on the rise, mortgage payment on a typical home exceeded that of last year, which is not great news for potential buyers who are still house shopping.
Another not so great news: active listings dropped more than 50% from last year. With supply staying tight and mortgage payment rising, sales will probably start slowing down in the coming months. That said, the market is still expected to have a decent performance for the rest of the year though and price will probably remain elevated in the short term.
If you’d like to read what Leslie Appleton-Young, C.A.R. SVP & Chief Economist, and 2020 C.A.R President, Jeanne Radsick had to say about the market, click to refer to the August Sales & Price press release.
Feel free to download and share City & County reportsavailable in our Interactive Market Stats section of thecar.orgwebsite, and don’t forget to check the C.A.R. Coronavirus Updates for the latest industry related updates during this pandemic.