Home Sales Highest In 2 1/2 YearsThe California Association of Realtors has released the numbers for July, and California is looking surprisingly good. After the frightening crash-and-halt action that occurred with the advent of the Covid-19 pandemic, there was a good case to be made that the residential real estate market in California was in for a long, dark, night. However, there are more things at work here than simple bad news and fear. One thing driving the action we're seeing is that people still need places to live. There was a housing shortage before the pandemic, and there still is. The pandemic may be directing more buyers out of the urban areas and into suburban areas, but homes are still needed, no matter where one decides to live. This article from the media center of the California Association of Realtors has all the numbers and does a good job of explaining what's driving them.
July Home Sales & Price Report | CAR
“A housing market trifecta of strong pent-up demand, record-low interest rates and a renewed interest in the value of homeownership bolstered July’s home sales... With this year’s delayed start of the homebuying season due to the pandemic, we expect home sales to remain robust in August and September, extending the season later than what’s typical.”https://www.car.org/aboutus/mediacenter/newsreleases/2020releases/july2020sales