Angela von Detten
While economic downturns typically aren’t good news for the real estate market, this is the first in American history to result in more people moving. Everyone is taking this time to reevaluate what they need in a home and in a community and for many, that’s resulting in a desire to move. Here are 5 trends we’re seeing nationally that indicate the market is making a comeback.
Finally dropping below 3% after weeks of speculation, rates settled around 2.87% bringing buyers out of the woodwork.
There was a 33% increase in mortgage applications for the first week of July vs. this time last year.
Source: Mortgage Bankers Association Index
Existing- home sales in June rebounded 20.7% month over month.
This is the highest monthly increase ever recorded!
Source: Wall Street Journal
Median existing-home prices grew 2.8% to hit an all-time high, for the 100th consecutive month, highlighting the opportune environment for sellers.
Source: National Association of Realtors
20 average days on market before sale.
Increasing by 14 points in July, the last time we had a yearly average as high as 72 was in 1999.
Source: National Association of Homebuilders
Angela von Detten is as passionate about Los Angeles living as she is about finding your unique dream home. Contact Angela today to get started on your journey.Contact