After the real estate market surge of last spring and the slow but steady pace of the summer, September existing-home sales bounced back to their highest pace of the year.
According to Lawrence Yun of the National Association of Realtors, “Low interest rates and price gains holding steady led to September’s healthy increase, even with investor activity remaining on par with last month’s market decline.”
Annually, November home sales dip by about 8%. December figures tend to match November, and January’s cold weather creates a low mark of activity. Much stronger activity then arises in March and April.
Rates haven’t been this low since 2013 according to Freddie Mac. With a 30-year fixed-rate averaging 3.92% and 5-year adjustable rate mortgages averaging 2.91%, now may be the time to buy.
November may be the new May. If you want to check out our local inventory now, let’s meet. Meanwhile, Happy Thanksgiving to you and your loved ones.
I always say that real estate is local. Still, let’s step back and look at the recently released Forbes’ annual list of America’s Most Expensive ZIP codes based on data from Altos Research.
Of the top 10 ZIP codes nationwide, New York dominates 6 of the 10 slots. The most expensive top 3 are New York City, Southampton, and Lower Manhattan. In California, Atherton is the only Bay Area ZIP code to make the top 10 list. Colorado and New Jersey round out the top 10.
The overall list is dominated by California and New York, which account for 38% and 18% respectively of the 500 most expensive ZIP codes. Of the top 50, California takes 26 slots and New York takes 17.
If you want to know more about our local prices, give me a call.