It is the same story across the country. No inventory, prices increasing.
Last March, when we began this COVID journey, everyone would have agreed that the economy, including the housing market, was heading for a terrible year. The current number of homes sold in California is usually around 400,000 units. No sense researching what the forecast was last March, it was wrong., but for all the right reasons. The bottom did not fall out of the market, quite the opposite. The current CAR market forecast for 2021 expects sales to hit 458,000 units, the highest in the past decade, with prices expected to increase another 8%, after an 11% increase in 2020. The median price in California is forecast to be $712,000 in 2021. Five years ago, 2016, the median price was $502,000. An investment in housing has increased 40%, or 8% a year on average.
How do those figures compare to our little corner of the world?…….
