What Were The Actual Numbers?
The total number of sales was 1,635, which was down 50%! (All numbers are comparing May, the last full month available, 2020 and 2019). Single-family resales came in at 1,043, also off 50%. Condos had 427 closed sales down 54%, and new homes had just 165 sales which was a decline of 36%. Pricing saw the overall median price at $750,000 which was still up 4.2%, condos at $520,000, also up 4.2% single-family resale median was $796,000 and that was an ever so slight decline of .4% and hardly worth mentioning was a .1% drop in new home pricing with $943,000. For the humor this month, the average monthly payment rose .26 cents, to $3,416.84. If that doesn’t illustrate how stable interest rates are, nothing does.
On a side note… the Inland Empire has shown the highest activity for Southern California and there may be many reasons; the purchasing dollar goes much further, an expanding job base with better paying warehouse and manufacturing jobs, and not to be overlooked… cheap gas. It is not as costly to commute right now, and may not be for the foreseeable future. Finally, more people being able to work from home, eliminating that stressful 91/215 corridor drive.
Please give us a call at Premier Funding Network with any mortgage questions and or to get prequalified; 714-283-9900 ext.120