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MARKET UPDATE: How Are Interest Rates & An Upcoming Election Impacting Home Sales?

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Wednesday, October 7, 2020   /   by Traci Pimentel

MARKET UPDATE: How Are Interest Rates & An Upcoming Election Impacting Home Sales?

Market Update
Even though we saw a slight decrease in new listings, opened escrows and sold homes this past week, the real estate market continues to thrive.
San Luis Obispo County has double the production currently compared to the state of the market in January of this year.
Despite the continued pressures of the pandemic, consumer home-purchasing power has stayed strong as mortgage rates remain at record lows. Meanwhile, for-sale inventory has continued to dwindle, dropping 17% nationally year over year in August, which created upward pressure on home price appreciation as buyers compete for the limited supply of homes.
Across the country, home equity was increasing before the health crisis swept our nation, and it continues to grow throughout the year, giving sellers powerful options in this market.
The real estate market has already come back from the downturn earlier this year that was caused by the shelter-in-place orders. Here are the year-over-year numbers for each region on a monthly basis. There are 60% more buyers setting appointments to see homes than there were at this same time last year.
Considering the current state of real estate across the country, we can anticipate that while a slow-down may occur, it's effects will only be temporary. Home sales have remained strong throughout the last couple of winters, and the competitive nature of today's market suggests this year should be no different.
BOTTOM LINE:
If you're thinking of Selling OR Buying ... NOW is the time!
KEY: SFH = Single Family Home FRM = Fixed Rate Mortgage
SFR = Single Family Residential
All data comes from the CRMLS, InfoSparks, Michael Lewis Marketing Suite, Altos R.E., Keeping Current Matters, Corelogic, Showing Time, Realtor.com, Freddie Mac, Fannie Mae, Mortgagecalculator.com, First American Title Co., NAR (National Association of Realtors) &
CAR (California Association of Realtors).
Current as of 10/6/2020.

The Keenan Carter Group DRE# 00860187
Keller Williams Realty Central Coast DRE# 02005015
Each Office is Independently Owned and Operated

  real estate, keenan carter group, keller williams, central coast, san luis obispo county, real estate market, housing affordability, real estate market update, housing market update, market update, low interest rates, low inventory, election year economy, real estate during election

The Keenan Carter Group
Richard Keenan And Narlene Carter Keenan
350 James Way, Ste 130
Pismo Beach, CA 93449
805-773-7711
Keller Williams Realty Central Coast DRE# 02005015
The Keenan Carter Group DRE# 00860187
Each Office is Independently Owned and Operated.

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Based on information from California Regional Multiple Listing Service, Inc. as of October 15, 2024. This information is for your personal, non-commercial use and may not be used for any purpose other than to identify prospective properties you may be interested in purchasing. Display of MLS data is usually deemed reliable but is NOT guaranteed accurate by the MLS. Buyers are responsible for verifying the accuracy of all information and should investigate the data themselves or retain appropriate professionals. Information from sources other than the Listing Agent may have been included in the MLS data. Unless otherwise specified in writing, Broker/Agent has not and will not verify any information obtained from other sources. The Broker/Agent providing the information contained herein may or may not have been the Listing and/or Selling Agent.
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