How the Market is Doing?
Rancho Cucamonga Realtor Li Li Hwang Shares Article on the California Real Estate Market Activities
May 3, 2021
California REALTOR® optimism about the housing market remains high as California consumers remain relatively bullish on selling and, despite a highly competitive market environment, relatively undaunted on buying as well. This is due in large part to a gradually improving picture of California’s pandemic numbers and the corresponding growth in the broader economic indicators in the state. However, the prospect of rising rates is creating more urgency for would-be buyers, which is pushing prices up and affordability down relatively. |
California Housing Market Continues to Grow in First Week of May: Based upon the first week of sales in May and more complete reporting on closed sales in April, California should see an acceleration in the market for last month. Every week of April recorded a 40%+ increase from the same point in 2020. In addition, this momentum appears to have carried forward into the first month of May, which was 52.5% above the first week of May last year. REALTOR® optimism in our weekly survey was also amongst the highest we’ve measured since the onset of the crisis.
Rates Hold Steady Just Under 3%: The typical rate for a 30-year fixed-rate mortgage inched up to 2.98%—a modest rise from 2.97% the previous week. However, 10-year Treasury rates increased for the first time since March, so we should expect mortgage rates to rise in coming weeks. Normalizing inflation as the economy recovers will likely cause treasury rates to rise, but with unemployment remaining stubbornly high, core inflation is not expected to take off over in the short run.
~ Data and Image provided by the California Association of Realtors ~
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