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    California Regional Multiple Listing Service

    The multiple listing data appearing on this website, or contained in reports produced therefrom, is owned and copyrighted by California Regional Multiple Listing Service, Inc. ("CRMLS") and is protected by all applicable copyright laws. Information provided is for viewer's personal, non-commercial use and may not be used for any purpose other than to identify prospective properties the viewer may be interested in purchasing. All listing data, including but not limited to square footage and lot size is believed to be accurate, but the listing Agent, listing Broker and CRMLS and its affiliates do not warrant or guarantee such accuracy. The viewer should independently verify the listed data prior to making any decisions based on such information by personal inspection and/or contacting a real estate professional.

    Based on information from California Regional Multiple Listing Service, Inc. as of the most recent time synced and /or other sources. All data, including all measurements and calculations of area, is obtained from various sources and has not been, and will not be, verified by broker or MLS. All information should be independently reviewed and verified for accuracy. Properties may or may not be listed by the office/agent presenting the information

    Home Prices Are Still Rising Amid Coronavirus Era

    Published 06/01/2020 | Posted by Gary Elminoufi

    Buyers hoping that a recession fueled by the coronavirus will bring another round of bargain real estate prices are likely out of luck.

    Even with a pandemic, a crushed economy, and some of the highest unemployment rates we've seen in history. Median home list prices still spiked up over 3% year over year this last week, according to the most recent realtor.com® data. That's close to double the 1.5% annual rise we saw in the previous week ending 5/16.

    We typically see prices heating up in late spring into summer. Just before the pandemic, home prices were increasing by about 4.4% annually in the first two weeks of March. Last week, home prices increased in about three-quarters (77) of the largest metropolitan areas in the U.S. 

    The number of active listings showed a decrease of 22% year over year in the week ending May 23. This is most likely attributed to sellers pulling their properties off the market or holding off on listing, as they didn't want strangers viewing their homes in the middle of a global pandemic.  When there are more buyers competing for a limited inventory of properties, home prices tend to increase. 

    While an increase in inventory could help with lowering prices, record-low mortgage interest rates provide a wealth of ready and willing buyers. Stay tuned!

     

     

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