JHT Market Update - EP 22
Thinking of Buying or Selling this Fall?
As we head into Fall on September 22nd, homes are still getting snapped up faster than buyers can keep up with.
Typically, the real estate market steadies or slows down in Fall, as kids go back to school, and parents juggle extracurricular activities and the upcoming Holiday Season.
The remarkable housing recovery after Spring’s economic pause is framing this Fall to be an ideal time to purchase a home.
“Home sales are currently stronger than they were pre-pandemic and show no signs of slowing.” According to Cheryl Young, senior economist at Zillow, “Demand is being fueled by low mortgage rates. We’re also seeing deferred home buying as the economy and housing market pressed pause in the Spring.”
While we are constantly hearing about record-low mortgage rates and home affordability, it’s important for sellers to see they have the advantage in today’s market.
Median listing prices for single-family homes have risen for the 17th week straight, which is the most rapid growth in over two years.
With unusual buyer interest in the ‘late homebuying season’ and eagerness to take advantage of low rates, homes are sitting on the market for much less time, despite increasing house prices.
To the current market overview of the areas of Fullerton, Cypress & Yorba Linda over the past 7 days shows there are 67 new listings on the market, 55 new contracts and 74 sales.