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 ...
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 ...
