Real estate agents say they are seeing more demand to purchase a home even though there are no signs the pandemic is coming to an end and unemployment in California is nearly 15%.
The average interest rate on a 30-year fixed mortgage stood at 2.99% this week, near a record low, according to Freddie Mac.
In Los Angeles County, sales rose 34.6% from June, but were down 2.3% from a year earlier. The median home price rose 5.5% from a year earlier to $670,000. In San Bernardino County, sales rose 22.3% from June and 8.1% from a year earlier. The median home price rose 9.8% from a year earlier to $375,000.
The data from DQNews represent closed sales, meaning most buyers probably went into escrow in May and June as the economy reopened. “Buyers are writing offers with very few contingencies, just trying to claw their way into escrow,” he said.Heather Presha, a real estate agent who specializes in South Los Angeles, said she’s brought two additional agents onto her team to help with the crush of demand from would-be buyers.
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