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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

    The Market & Industry: California prices remain high while inventory tightens

    Published 10/21/2020

    The Market & Industry: California Prices remain high while inventory tightens

    Last week saw another decline in the number of listings added to the MLS in California, hinting at increasingly tight inventory in the weeks to come. And California REALTORS® are reporting listings are essentially flat, while closings and new listing appointments are falling.

    Prices remain high; in Southern California, the median home price in August was up 12.1 percent from a year earlier. Even in the Bay Area, which is one of the nation’s weakest regions in recovering jobs lost during the coronavirus shutdowns, median prices were up 16 percent from the previous year. And nationwide, the median home price hit a record high.

    Freddie Mac’s chief economist predicted mortgage rates, which have been steadily sliding all year, are beginning to flatten. But with rates still near record lows, buying power remains strong. And last week, the number of mortgages whose payment requirements have been suspended due to COVID dropped by 18 percent. For the first time since April, fewer than 3 million mortgages are in forbearance.

    On Tuesday, C.A.R. released its 2021 housing forecast, predicting that low interest rates and high demand will bolster home sales in the coming year — but economic uncertainty due to the pandemic will limit sales growth. 

    Sources: C.A.R. Research & Economics, The Los Angeles Times, The Mercury News, Inman News, Freddie Mac, CNBC

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