Mortgage and refinance rates have decreased this week, and they’re low overall. All rates are lower today than they were last Monday.
Most rates have gone up since this time last month. But the increases aren’t drastic, and you can expect rates to stay relatively low for the foreseeable future.
In general increases are cutting further into home affordability as prices boom. Mortgage rates are still hovering around 2.6-3%, keeping interested buyers in the market. However, residential construction has declined for two consecutive months and given the very low inventory environment, competition among potential homebuyers is a challenging reality, especially for first-time homebuyers.
Rates still remain historically low and will likely stay that way as the U.S. Federal Reserve signaled recently that target interest rates will stay at zero for the near term.
The fact is that the market remains very strong for sellers. These are the strongest ‘Seller’s Market’ numbers I have seen in a long time.
Here a snapshot of a few different markets in Orange County:
This week the median list price for Laguna Beach, CA 92651 is $3,982,500 with the market action index hovering around 34. This is an increase over last month’s market action index of 33. Inventory has held steady at or around 128. This makes Laguna the relatively ”mellowest” market of the ones listed here on paper. However, I would argue that in reality, new listings are booking up with showings within days and well priced properties are getting multiple offers including over asking.
This week the median list price for Dana Point, CA is $4,820,000 with the market action index hovering around 49. This is an increase over last month’s market action index of 44. Inventory has held steady at or around 38.
This week the median list price for Laguna Niguel, CA 92677 is $2,295,000 with the market action index hovering around 68. This is an increase over last month’s market action index of 64. Inventory has held steady at or around 43.
This week the median list price for Irvine, CA is $1,650,000 with the market action index hovering around 61. This is an increase over last month’s market action index of 55. Inventory has held steady at or around 137.
This week the median list price for San Clemente, CA is $1,599,000 with the market action index hovering around 72. This is an increase over last month’s market action index of 67. Inventory has held steady at or around 55.
This week the median list price for Newport Beach, CA is $3,880,000 with the market action index hovering around 45. This is about the same as last month’s market action index of 45. Inventory has held steady at or around 109.
This week the median list price for Costa Mesa, CA is $1,295,000 with the market action index hovering around 81. This is an increase over last month’s market action index of 77. Inventory has held steady at or around 41.
Jaleesa Peluso, Laguna Beach Realtor & Certified International Property Specialist.
Best of OC Real Estate Agent 2020 by the LA TIMES!
Jaleesa and her team specialize in representing local as well as foreign buyers and sellers of Orange County real estate. Are you considering leasing, buying or selling your Orange County home? Call us now at (949)395-0960!