The attached chart of the Southern California Counties is a real-time indication that the pending property sales spike we saw through June from the April COVID crash may have leveled off.
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The May and June sales have been solid. Property values have also stayed solid, with inventory staying low, keeping the supply and demand ratio contributing to stable values.
Check out the June 27 and July 3 sales numbers. They pulled back from the accelerating sales numbers of the prior couple months week over week.
The May and June monthly statistics were good, but the last few weeks may reflect a turning point that can be reflected in the statistic released in August. The recent spike in COVID cases and the rolling back of the economy won’t help matters.
The upside to the weak economy from COVID is the historic aggressiveness of the Federal Reserve to conduct their Quantitative Easing and manipulating the interest rates to new lows. The Income to Loan Guide is a very ballpark breakdown of a standard 20% down median-priced single family purchase in the San Fernando Valley. Realistically interest rates can be lower (or higher), depending on the qualifying capabilities, the loan to value, etc.
If you are in the Los Angeles area, have any questions or real estate sales or financing needs, feel free in contacting me
Ron Henderson GRI, RECS, CIAS
President/Broker
Multi Real Estate Services, Inc.
Gov’t Affairs Chair – California Association of Mortgage Professionals (2017-2018)
Chairman – OutWest Marketing Meeting (Real Estate Education)
BRE #00905793 NMLS #310358
www.mres.com
ronh@mres.com
Specialist in the Art of Real Estate Sales and Finance
Real Estate market, mortgage rates, Los Angeles, San Fernando Valley, Conejo Valley, Simi Valley, Woodland Hills, West Hills, Calabasas, Chatsworth
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