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Sales of existing homes (not new homes) decreased three months in a row despite inventory increasing for the past TWO months.
PENDING home sales for existing homes also decreased despite an increase of homes listed for sale.
In addition, NEW home sales decreased as well despite an increase of new home inventory.
And here’s more good news for homebuyers: The MBA posted last week that mortgage applications for home purchases decreased again. This is the 15th time the home purchase has retreated in the 21 weeks since the year began.
On top of this, Fannie Mae’s most recent survey for May found that home buyer sentiment is at an all-time low despite the fact that mortgage interest rates are near historic lows. Is the housing market cooling off? Stay tuned…
To give you a quick mortgage interest rates update, according to the Mortgage News Daily the average 30yr FRM increased to 3.13% today for the current mortgage rates. This is mixed news if you’re a homebuyer right now or if you’re a homeowner looking to refinance.
Comment below: what’s your housing market 2021 forecast and housing market forecast 2021? Do you think a housing crash 2021 will happen and there will be a housing crash due to a housing bubble, a 2021 housing market crash 2021 or are your housing market predictions that the real estate market 2021 and home prices 2021 will continue to surge?
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***
Jason Walter, CPA (lic 103885)
Sacramento Realtor/Sacramento real estate agent and native
Realty ONE Group Complete (DRE 01923240)
jason@meetjasonwalter.com
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Why Aren’t Home Prices Dropping? Housing Market 2020
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Disclaimer:
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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