US Housing Market Update: Home Sales & Prices Dip Finally

Selling Real Estate
Housing Market Update: Home Sales & Prices Dip Finally // In today’s real estate market update, I share news that existing home sales AND prices dropped in November. I also share real estate market news about mortgage interest rates as well as other US economic news.

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According to Freddie Mac, the average 30yr fixed rate mortgage dropped to 2.67% which is an all-time low and the ~14th record low this year. This is one of the biggest real estate market news to report. What’s your housing market forecast 2021? Do you think there will be a housing crash?

The National Association of Realtors (NAR) just released November existing sales numbers and sales decreased after 5 straight months of gains. Sales were down 2.5% from the prior month and up 25.8% from 1 year ago. The median existing-home price was $310,800 (slightly below a record high), 14.6% more than in November 2019. However, inventory is down 22% from one year ago which has created a competitive real estate market. Median home prices increased at double-digit rates in each of the four major regions from one year ago. What I found very interesting is that compared to 1 year ago, home sales of $750k-$1M increased 85% and $1M+ houses increased 88%. It goes to show that not everyone has been impacted financially from this pandemic.

In other real estate market trends, new home sales fell 11% in November from October, according to the U.S. Census but sales were still up 21% from 1 year ago.

Consumer confidence tumbled in December to its lowest level since this summer amid a surging pandemic.

Comment below: what’s your housing market 2020 forecast? Do you think a housing crash 2021 will happen and there will be a housing crash or do you think the real estate market 2020 will continue to surge?

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Jason Walter, CPA (lic #103885)
Sacramento Realtor/Sacramento real estate agent and native
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Jason Walter is not a practicing tax accountant or a licensed attorney or financial adviser. Therefore, the information in these videos shall not be relied upon as tax, legal, or financial advice from a qualified perspective. If you need such advice, please contact a qualified tax accountant, attorney, or financial adviser. We have taken reasonable steps to check that the information in this video is accurate but we cannot represent that it is free from errors. You expressly agree not to rely upon any information contained in this video – it is for entertainment purposes only.

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