JHT Market Update - EP 07
Why aren’t housing prices dropping?
For nine years we have seen continued growth in housing prices, and many assume with this pandemic and freeze of the economy, home prices will plummet. However, with low supply of homes on the market and low mortgage rates, experts predict that home prices will continue to rise throughout 2020.
Just in the month of April, Corelogic Price index showed single family homes in LA County increased by 4.9%, 3.7% in Orange County, and 5% in the Inland Empire.
The price strength does make sense, according to Corelogic Deputy Chief Economist Selma Hepp, referring to the region’s wealth, low inventories, cheap mortgage rates and growing numbers of millennials entering the homebuying market. (1)
As we approach the second half of 2020, we strongly encourage buyers to connect with a well seasoned agent to help you compete in this market.
To the current market overview of the areas of Fullerton, Cypress & La Mirada over the past 7 days shows there are 42 new listings on the market, 35 new contracts and 27 closings.
Stay tuned for our weekly video coming your way every Monday Morning!