June 2020 Market Update

This month, we’ll continue to update you with important information about your local real estate market. First, we will cover new survey data from the California Association of Realtors (CAR) that shows buyers and sellers are operating under differing expectations about the real estate market. Following that, we will review the local market. Although 2020 is proving to be unique, we hope to provide you with an encouraging analysis of May’s housing data as well as an overview of our expectations moving forward as we phase out of the strict stay-at-home orders.

This month’s topics include:

• Key News and Trends Impacting Your Local Market: The June CAR survey reveals a rift between buyer and seller expectations. Median home prices remain resilient. Sellers are more hesitant to enter or remain in the market, while buyer demand gets a lift and mortgage applications rise.
• May Housing Market Update: Housing inventory plateaus, single-family homes and condos continue to sell close to list price, and homes under contract climb.

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