Real Estate Trends Worth Noting Defy Midsummer Doldrums
.jpg)
Like most of the rest of the news, midsummer real estate reporting usually draws little attention. It’s what journalists call the ‘silly season,’ when unimportant or just plain silly stories fill in for real news. This is the time of year when newsgatherers feel it safe to head off to the Hamptons or Martha’s Vineyard—especially since their alternative is a steamy July in Manhattan or D.C.
On our local scene, Costa Mesa weather reporting usually gets a larger slice of TV newscasts. Since outdoor family activities depend on coordinating with the weather, it’s the segment more viewers tune in for.
By last Friday, though, Costa Mesa real estate followers who persist in tracking national trends found an unusual number of late-July stories worth noting:
- For the first time in five months, existing U.S. home sales were on the rise. June sales reversed a downtrend that had lasted for nearly a half year.
- Another reversal appeared, this one in the number of homes offered for sale. According to CNBC, this comprised only a slight improvement—yet the NAR’s chief economist Yun advanced what could be an important tentative conclusion: “We may have turned a corner on inventory.”
- An all-time record was surpassed: the median price of existing homes sold in June notched an all-time high of $363,300. What might have been an eye-opening rise (23+%) over the year-ago level didn’t rate banner headlines, though, since buyers and sellers have long since adjusted their expectations accordingly. Some real news might have arrived with the beginning of whispers that, as the NAR wrote, “home costs might begin to rise roughly in line with income growth (key word: “might”).
- U.S. mortgage interest rates moved into “the best territory since February,” according to Mortgage News Daily. The weekly Freddie Mac report pegged the U.S.’s 30-year fixed average at 2.88%. By week’s end, Costa Mesa home buyers with strong credit could expect “offered actual effective rates just over 3%.”
All in all, Costa Mesa buyers and sellers who choose to enter the midsummer market now will find it considerably less lethargic than in many a previous July. It’s well worth exploring—call us for the latest details!
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
The L3, L3 Real Estate, Costa Mesa Real Estate, Huntington Beach Real Estate, The Best Real Estate Company in Costa Mesa, The Best Real Estate Company in Huntington Beach, What is the best real estate company in Costa Mesa, What is the best real estate company in Huntington beach, Costa Mesa, Huntington Beach
