What’s important to note about the trends in San Mateo County real estate through August? As a matter of fact, in some areas they reflect the domestic real estate market. And, it too showed an increase in home sales, coupled with a healthy demand for housing. That includes all four domestic sectors. At the same time, mortgage interest rates remained at an all time low, making home ownership all the more doable for many. As a result, August 2020 real estate market trends spelled good news, generally. That includes not only home buyers and sellers but the economy. Since healthy home sales activity stimulates the market, it affects the NYSE positively.
August 2020 Real Estate Market Trends 3rd Quarter Update
Home sales surged in August, outdoing what the experts expected to see. And, about a million + homes sold. Although, experts projected around less than 900,000 would make the August total. In fact, with its strong sales totals, August also ended on a positive note for lower unemployment and job growth. Add to that a historically low home mortgage interest rate.
Some August 2020 real estate market trends clearly outpaced many pundits’ projections. Although, other factors in the mix trended downward. At the same time, they gained more attention. In fact, the market continues to experience a short fall in new home production. And, that has led to a less than stellar rate of new home sales. That said, the market needs to see a step up in growth of new home construction. As demand for it strengthens, so also are low mortgage interest rates in play. As a result, where resale, single family homes inventory may be limited, many home buyers can realistically set their sites on new home ownership.
It’s a mixed bag of home sales activity and home inventory. Although, in San Mateo County, single family, resale home inventory was up. And, it was up by 13.4% in August. That’s compared to last year. In fact, there were 559, San Mateo County homes for sale, as of Sept. 5th. As a result, the County continues to offer plenty of home options. Also, potential for selling is on the rise. Home sellers in the area would do well to seize on the moment. Then, contact a local market expert and real estate pro soon.