If you were holding your breath, worried that the COVID-19 pandemic was going to drive down home prices, it looks like you can officially exhale. As we continue to move out of the height of the pandemic (and the accompanying restrictions), home prices are stronger than ever.
According to data outlined in a recent realtor.com article, the national median listing price in the United States hit $330,000 in May—the highest listing price on record, with 35 of the largest 50 metros in the US showing increases in listing price year-over-year.
“May’s home price data demonstrate the underlying strength of the U.S. housing market despite the challenges brought by the COVID-19 pandemic,” realtor.com’s Chief Economist Danielle Hale said in the article. “The fact that home prices are at an all-time high shows that the momentum the market had prior to the pandemic has helped to keep buyer and seller expectations stable.”
So, what does that mean for you? If you’ve been thinking about selling your home, now is a great time to make a move, when listing prices are high—and you can fetch top dollar for your property.
The pace of growth for California pending home sales has continued to tick up, but at particularly slow speeds: under 3 percent in three of the four past weeks. And the number of new homes added to the MLS has been essentially flat for the past month, suggesting sluggish sales to come in the next few weeks.
Nationwide, according to Redfin CEO Glenn Kelman, homebuying demand is up 25 percent from pre-pandemic levels. Despite the pandemic, the Mortgage Bankers Association says mortgage applications are up 13 percent from a year ago. Last Thursday, the average rate on the 30-year fixed mortgage fell to a new record low of 2.97 percent.
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