Existing home sales rebound in June – The California Association of Realtors announced that existing home sales surged 42.4% in June from May‘s sales totals. Existing home sales totaled 339,910 on a seasonally adjusted annualized rate in June. That was down 12.8% from June 2019. Fortunately, pending sales have also increased dramatically. The California Association of Realtors expect sales to be back to pre-pandemic levels by July or August. Prices also surged in June. The state-wide median price paid for a home in June was $626,170. That represented a 6.5% increase from May and a 2.5% increase from last June. Inventory levels declined to a 2.7 month supply of homes for sale which explains the number of homes selling with multiple offers. On a regional basis Los Angeles County had a 1.8% year over year increase in the median price. Ventura County had a 8.2% year over year increase in the median price. Orange County had a 3.3% year over year increase in the median price.
Mortgage rates continued to drop in July – 30-year fixed rate under 3%! – The Freddie Mac Primary Mortgage Survey released on July 30, 2020, reported mortgage rates for the most popular loan products as follows: The 30-year fixed mortgage rate average was 2.99%, down from 3.13% last month. The 15-year fixed was 2.51%, down from 2.59% last week. The 5-year ARM was 2.94%, down from 3.08% last month.