February Market Bite

Anya’s Market Bites:

The economic data from last week demonstrates that the U.S. has consistently out-performed the more gloomy outlooks that called for slower growth in 2023.

And although a stronger economy has, thus far, meant upward pressure on mortgage rates, the average 30-year fixed-rate mortgage remains below 7% where it has been since early December. 

This has helped to thaw the housing market, which has seen pending sales rise for the first time since rates hit bottom in early 2021. 

However, as the rebound in housing demand has yet to be accompanied by and equal (or greater) supply response, the market in California is quickly becoming competitive once again as fewer sellers are reducing price and the median price continues its upward trend that began last summer. Sellers are getting multiple offers!

Are you curious about your home’s property value? Comment or message and get a complimentary market report.

(Source: California Association of Realtors)