What is a NORMAL Housing Market Anyway?
I’ve been in the real estate business since January 1995 (when I got my license) and as much as I can tell, the real estate market is constantly changing.. According to the sources at Buffini and company, a Normal/Balanced market is when neither the seller nor the buyer has a distinguishable advantage and residential real estate prices are stable. We are not there and I don’t see a Normal/Balanced market in the near future either. For now, (in the local housing market), inventory is stable although the home prices are inching up ever so slightly every month since January 2023…. I think this is a healthy market. Kind of like a Goldilocks market…. Not too hot and Not too cold. As of the writing of this newsletter (6-30-2023), an FHA 30-year fixed mortgage rate is about 6.6%. This average does not factor in if a buyer has an outstanding FICO score. I’ve seen local lenders with lower rates. (Feel free to call me for a few good local lenders).
Quite a recovery!!! Ron’s Price Analysis July 2023 Where’s the real estate market right now?
Though home prices declined from their high point (about June of 2022), they have made a remarkable recovery this year. Here is the data that backs this up. From the period of (May 17th to July 17th of 2022) to (Dec 1st 2022 to Jan 31st 2023) there was a 7.6% decline in home values. But, from the period of (Dec 1st 2022 -Jan 31st 2023) to (May 17th -July 17th 2023) there was an increase of 6.5% in home values. This represents a 1.7% decline on a year over year basis. AND, I believe, it won’t be long before we get to new all time highs in the Antelope Valley. Indeed, this is Quite a Good Recovery!! (This data is based on all home sales in the 93534, 93536 and 93551 zip codes for the reporting periods above and taken from The Greater Antelope Valley Association of Realtors’ Multiple Listing Service).
If you have any questions regarding real estate feel free to call me and if you know of anyone that is thinking of making a real estate move…. Buying or Selling… within or out of our local area (including out of CA) let me know and I’ll take EXCELLENT care of them. And if they are (or you are) moving out of California, I have an extensive real estate referral network that I belong to and can vet out another great realtor, wherever you go.
Take care and be safe out there.