California Real Estate Market Update - Housing Market 2020

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Do you live in California? Are you considering buying a home or selling a home and wondering about the California Housing Market? Is it a buyers market or a sellers market? What are the housing market predictions for 2021? In todays video, we are going to breakdown the data from theSeptember home sales and price report from the California Association of Realtors and I’m also going to give you some personal experience from what’s happening in Southern California with a real estate market update.

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Articles mentioned in this video:

https://www.car.org/aboutus/mediacenter/newsreleases/2020releases/sep2020sales

What happened in the California Real Estate Market in September?

California housing market outperforms expectations, breaking record high median price for fourth straight month, C.A.R. reports

✔ Existing, single-family home sales totaled 489,590 in September on a seasonally adjusted annualized rate, up 5.2 percent from August and up 21.2 percent from September 2019.
✔ September’s statewide median home price was $712,430 up 0.8 percent from August and up 17.6 percent from September 2019.
✔ Year-to-date statewide home sales were down 3.7 percent in September.

Other key points from C.A.R.’s September 2020 resale housing report include:

✔At the regional level, sales increased in all major regions from last year in the high double-digits. The Central Coast and the San Francisco Bay Area had the strongest sales growth in September with both regions surging 42 percent and 34.2 percent, respectively. That was followed by increases in the Far North (28.3%), Southern California (25.0%), and the Central Valley (18.4%).
✔At the regional level, all major regions posted double-digit price increases from last year. The Central Coast had the highest increase in median price, rising 20.6 percent from last year, followed by the San Francisco Bay Area (20.5%), the Far North (19.0%), Southern California (15.2%), and the Central Valley (14.6%).
✔For-sale properties continued to be added to the market at a pace slower than normal, and housing supply remained significantly below last year’s level. The year-over-year decline of 48.4 percent in September was the fourth consecutive month with active listings falling more than 40 percent from the prior year.
✔Active listings continued to decline significantly in all major regions. The Central Coast had the biggest drop (-60.3%) from last September, followed by the Central Valley (-51.5%), Southern California (-49.9%), the Far North (-43.9%), and the San Francisco Bay Area (-31.9%). Forty-nine of the 51 counties reported by C.A.R. experienced a year-over-year decline in active listings in September. Santa Barbara had the biggest drop from last year (83.7%), followed by San Bernardino (65.8%) and Merced (65.7%). Twenty-five counties had less than half the active listings they had in September 2019. San Francisco (47.2%) and San Mateo (2.6%) continued to be the only counties in California with an increase in active listings from the prior year.

I hope you appreciate this update on the real estate market 2020 for the california real estate maret as well as this real estate market update from your local Huntington Beach Real Estate Realtor, Jeb Smith.

Please let me know your thoughts below: what are your predictions for the housing market 2020 forecast and the housing market 2020 california? After watching this video, do you believe you should be buying a home this year or if now is the best time to sell a house?

Do you believe a house market crash 2021 or real estate bubble will happen? If so, why? What are your thoughts on the Orange County real estate market and the potential real estate crash for orange county real estate?

Connect with me 👇
Jeb Smith (huntington beach Realtor/orange county real estate)
DRE #01407449
Coldwell Banker Realty
➡I N S T A G R A M ➳ https://www.instagram.com/jebsmith

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