The news from around the nation gave Costa Mesa real estate followers good reason to doubt a tendency in the national media. For most of the month, much of the reportage had seemed to project an undertone of vaguely inauspicious goings-on. “Buyer Frustration is Slowing Real Estate Demand,” said one. CNBC’s speculators talked of a price bubble (if the Fed continued “stoking” it).
So it was oddly discordant to read last week’s actual news—all of it indicating a strong market with hints that its underpinnings were moderating. Briefly, the high points covered by the NAR’s® Newsroom release:
- Inventory. “We see inventory beginning to tick up…” according to NAR Chief Economist. July listings were up 7.3% from the previous month—a sign that pointed to a less constrained market.
- Sales Prices. Costa Mesa sellers would hardly be surprised that the national sales price rise continued, with median existing-home sales prices rising year-over-year pace of +17.8%, reflecting strong but “modest” gains.
- Pace. Days on Market remained at June levels. Costa Mesa sellers would be cheered at the U.S. averages: 89% of homes sold in the U.S. in July “were on the market for less than a month.”
- Affordability. The average 30-year, conventional, fixed-rate mortgage was 2.8% in July, which was actually even lower than June’s 2.98.
Those results were anything but negative—and Costa Mesa real estate followers would also have been pleased by the moderating takeaway by NAR President Charles Oppler. He prefaced his statement on “working to boost the supply of safe, affordable housing” with “we are beginning to see some normalcy to return” to U.S. markets.
If you’d like a rundown on the latest Costa Mesa real estate results, call us anytime!
We are built on a philosophy of Heritage & Hustle. The L3 is a full service real estate agency with a regional office located in the heart of #CostaMesa, offering a wide-array of custom services to meet their clients’ needs with roots in the community since 1976. It’s L3 mission is to provide trusted, convenient, responsive service to ensure clients enjoy their real estate experience. The L3 was originally formed to offer personal, concierge-level service as an alternative to the large, nationally based real estate companies. From its small beginnings of only two employees, The L3 has grown to a full staff of 25 serving over 300 clients a year. The L3 is not limited to serving just its clients; it is also committed to serving the community. Not only has The L3 donated hundreds of hours to many area charities, they have also received the prestige of being named one of the #toprealestatecompaniesinCostaMesa If you’re interested in #buyingorsellinginOrangeCounty, turn to the experts. Turn to The L3 and let them help you make your real estate buying or selling dreams come true. For more information or to get started on finding or selling your home contact The L3 today at 714-444-4663 or email us at info@thel3.com
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