Not only do skyrocketing home prices threaten already-low homeownership levels and make it harder for those who don t already have a home to purchase one, it also brings to question the sustainability of this market cycle, C.A.R. Vice President and chief economist Jordan Levine said. As vaccination rates increase and the state reopens fully, higher home prices will hopefully entice prospective sellers who have held off putting their homes on the market during the pandemic to feel more comfortable listing their homes for sale, which would alleviate pressure on home prices.
Meanwhile, closed escrow sales of existing, single-family detached homes in California totaled a seasonally adjusted annualized rate of 458,170 in April. The statewide annualized sales figure represents what would be the total number of homes sold during 2021 if sales maintained the April pace throughout the year.
Housing prices surge across San Diego County, California -
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Will California lawmakers boost Black homeownership?
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