May 2016 Market Update

May 2016 Market Update

  California continues to top the charts in real estate.   California dominated the nation’s top 20 hottest real estate markets for May 2016, claiming half of the most popular real estate markets.  Four out of five of the most active real estate markets are from California, with Vallejo topping the charts this month. Asking prices for homes hit record highs in May, and homes flew off the market as fast as we’ve seen since the housing recovery began.  The median home price for May is about 9% higher than it was one year ago, and 2% higher than in...Read more
Why Are Home Sellers Spooked?

Why Are Home Sellers Spooked?

  In the heart of the busiest season for housing, homesellers are pulling back.   Inventory continues to be tight in many markets, so what has potential home sellers pulling back when buyer demand is reportedly so high?  Inventory fell 3.2% in April from last year, the seventh-straight month of declines, according to Redfin. Inventory is at historic lows in some west coast communities, and given the lack of new listings, it will likely go lower. Low mortgage rates, job growth and other drivers have stoked buyer demand, but the supply of homes for sale — especially in the low-to-middle...Read more