Riverside County Housing Update
As reopening continues in California, the recovery is proceeding at a cautious pace. While the rebound in the economy is uneven, the housing market continues to exhibit strength. According to the California Association of Realtors, despite home sales declining more than 30 percent in both April and May, the surge in recent market activity fueled by record low mortgage rates suggest that the market will recover some ground in the coming months.
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Most experts agree that mortgage rates will continue near record lows and in the immediate future. These row rates will help qualify buyers to enter the market and continue to buy pent-up demand.
While home sales and active listings in Riverside County have decreased from this time last year (we did not have a global pandemic last year), the median days on the market is still low at 13 days. This data suggests that if you are considering selling your home this year, it shouldn’t sit on the market very long.
If you are interested in reading the full housing report from the California Association of Realtors, you can view it by clicking here.
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