Rents soar, mortgage rates remain low and the buy vs. rent decision gets complicated
Plus, the Best Places to Live winners in California, home-flipping profits slide, Stockton gets ‘overvalued’ label, and the state issues $1.75 billion more for affordable housing.
August: Sales slow for a fourth straight month and a record price (again)
A bit of optimism for home shoppers looking to buy, with more homes listed in recent months and near-record-low mortgage rates holding steady.
Mortgage rates
2.88% vs. 2.90% a year ago
Median price
$827,940 in August, up 17.1% from a year ago
Days on market
9 days in July vs. 13 a year ago
Latest CHN blog: Profits drop for home-flippers
More competition for homes and increasing costs — from hiring contractors to building materials — are hammerig profits for home-flippers. Find out the best (and worst) gains by region.
5 of the most affordable housing markets for teachers are in California
Plus, an LA mega-mansion seeking $500 million enters receivership with a mountain of debt, some rents rebound from the pandemic, and San Diego home prices surge.
Housing market’s fireworks start to fizzle in July
Prices dropped for the fourth straight month and listings are at the highest level since October.
Worried about wildfires? Check the risk
Plus, Fannie Mae will consider rent payments as part of the application process for first-time buyers, affordability plummets to 14-year low, and half of homeowners in Golden State are equity rich.
Home-seller profits slip in second quarter
Plus, real estate investors are buying more homes and competing with everyday folks for properties, foreign homebuyers have declined with the pandemic, and the governor appoints a new CalHFA executive director.
Home sales slow, record prices inch higher in June
A bit of hope for home-shoppers who have been dealing with fast-rising prices — and fast-moving homes — during the Covid pandemic.
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Contact Ron Trujillo at ron@calhomenews.com.
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