What is new in the housing market since our last Real Estate Update? Are home sales continuing to climb or are we starting to see a pull back in prices? Can the Real Estate Market continue at this pace or will inventory rise causing buyer demand to drop? In this video, we discuss new data from the National Association of Realtors on Existing Home Sales and Pending Home Sales along with statements from the Fed along with information on the Consumer Confidence Numbers.
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Other Home Buying Videos You May Find Helpful:
➡Step by Step Process of Buying a House in 2020 – https://youtu.be/myJ1h0ykhts
➡Do I get my deposit back if I cancel escrow? – https://youtu.be/0RMy9iNTu54
➡What Stays when buying or selling a house? – https://youtu.be/XH6c9-omN24
➡Appraisal vs Home Inspection – https://youtu.be/cwjokWbr1Go
Articles Referenced in this real estate market update:
➡➡Existing HomeSales Data for August 2020 https://www.nar.realtor/newsroom/existing-home-sales-hit-highest-level-since-december-2006
➡➡Pending Homes Sales Data for August 2020
➡➡Fed sees interest rates near ZERO until 2023
“Existing-home sales continued to climb in August, marking three consecutive months of positive sales gains, according to the National Association of Realtors®. Each of the four major regions experienced both month-over-month and year-over-year growth, with the Northeast seeing the greatest improvement from the prior month.”
“Total housing inventory3 at the end of August totaled 1.49 million units, down 0.7% from July and down 18.6% from one year ago (1.83 million). Unsold inventory sits at a 3.0-month supply at the current sales pace, down from 3.1 months in July and down from the 4.0-month figure recorded in August 2019.”
“Properties typically remained on the market for 22 days in August, seasonally equal to the number of days in July and down from 31 days in August 2019. Sixty-nine percent of homes sold in August 2020 were on the market for less than a month.”
“Distressed sales5 – foreclosures and short sales – represented less than 1% of sales in August, equal to July’s percentage, but down from 2% in August 2019.”
“Pending home sales in August continued to move upward, marking four uninterrupted months of positive contract activity, according to the National Association of Realtors®. Each of the four major regions experienced growth in month-over-month and year-over-year pending home sales transactions.”
I hope you appreciate this update on the real estate market 2020 for the housing market 2020 california as well as this real estate market update from your local Huntington Beach Real Estate Realtor, Jeb Smith.
Please let me know your thoughts below: what are your predictions for the housing market 2020 forecast and the housing market 2020 california? After watching this video, do you believe you should be buying a home this year or if now is the best time to sell a house?
Do you believe a house market crash 2020 or real estate bubble will happen? If so, why? What are your thoughts on the Orange County real estate market and the potential real estate crash for orange county real estate?
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Jeb Smith (Huntington Beach Realtor/orange county real estate)
Coldwell Banker Realty
➡I N S T A G R A M ➳ https://www.instagram.com/jebsmith
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