Costa Mesa real estate activity may not echo U.S. results month-by-month, but since national media reports impact how individual Costa Mesa buyers and sellers gauge their own prospects, they are worth keeping an eye on. To date, this fall’s U.S. real estate picture can’t be summarized in a single word or phrase, but so far, what has leaked through from the national press has left a slightly negative impression.
Housingwire.com’s takeaway was typical. Last Monday’s “Homebuilders growing very concerned about affordability.” Likewise for CNBC’s Tuesday contribution. “Home prices in August hinted at possible cooling in the market.” ‘Possible’ ‘hints’ may not be strong language, but the direction they point to is clear. Given the actual activity registered in recent weeks, that takeaway is hardly warranted. It may be a mixed picture—but it is one that’s at least as encouraging as not.
Examples of September’s positive results:
- In September, median existing-home sales prices rose 13.3% over the previous year.
- Despite the increase, existing-home sales volume rose 7% from August.
- The NAHB reported that new home sales rose 14% over the previous month.
- CNBC reported the number of mortgage applications increased 4% in the month.
- Homebuilders lined up to increase their output. Despite widely publicized supply issues, NAR® economists forecast “more homes on the market” as soon as next year.
- Condominium and co-op sales rose 1.4% from August despite a median price increase of 9.3%.
Examples of less-good news:
- The national inventory crunch deepened slightly (by .8%) from the previous month.
- The U.S. inventory of unsold homes dipped to 1,270,000—a decrease of 13% from a year earlier.
- Despite September’s month-to-month improvement, existing-home sales slightly decreased (by 2.3%) below the year-earlier number.
- The percentage of first-time buyers dipped by 1% (from 29% in August) despite the expectation that they would grow.
The inventory picture is both good (for Costa Mesa sellers) and bad (for buyers)—but although on the rise, the still historically low home loan interest rates continued to cushion the impact of price rises.
For the up-to-the-moment local picture—and how sellers and buyers can take advantage of this autumn’s Costa Mesa real estate market—just give us a call!
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 firstname.lastname@example.org
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