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August 2020 - The housing and stock markets continue to be the leaders in the economy. In August, showings and pending sales remained at strong levels while housing inventory remained limited, continuing the competitive bidding market we have seen in recent months. With the stock indexes at or near record highs as mortgage rates remain near record lows, signs point to a busy fall housing market.New Listings increased 0.9 percent for Single Family homes and 9.5 percent for Tow...nhouse-Condo homes. Pending Sales decreased 31.6 percent for Single Family homes and 36.0 percent for Townhouse-Condo homes. Inventory decreased 31.6 percent for Single Family homes and 11.0 percent for Townhouse-Condo homes. Median Sales Price increased 14.6 percent to $825,000 for Single Family homes and 9.8 percent to $510,000 for Townhouse-Condo homes. Days on Market decreased 17.5 percent for Single Family homes and 23.3 percent for Townhouse-Condo homes. Months Supply of Inventory decreased 27.3 percent for Single Family homes and 6.3 percent for Townhouse-Condo homes. As we look towards the fall, we normally see housing activity begin to slow a bit as the back-to-school season begins, but this year is far from normal. While uncertainty remains on what effects the upcoming elections and any seasonal resurgence of COVID-19 may have on the financial and housing markets, the healthy housing demand we see today will create significant tailwinds in the near term https://www.pwr.net//pwrep/mmi/2020/08/PWR_MMI_2020-08.pdf

https://www.latimes.com//southern-california-home-prices-j In the middle of a global pandemic, Southern California home prices keep setting records. The six-county region’s median price reached $600,000 in August, up 12.1% from a year earlier, according to data released Wednesday by DQNews. That was the largest percentage increase since 2014 and the third consecutive month during which prices set a new all-time high. Sales rose 2.4% from a year earlier.... We have had houses with 40 to 50 offers, said Syd Leibovitch, president of Rodeo Realty, which has offices throughout the Los Angeles area. It’s just bizarre.

California housing market continues recovery as median home price breaks $700,000 mark, C.A.R. reports - Existing, single-family home sales totaled 465,400 in August on a seasonally adjusted annualized rate, up 6.3 percent from July and up 14.6 percent from August 2019. - August’s statewide median home price was $706,900 up 6.1 percent from July and up 14.5 percent from August 2019.... - Year-to-date statewide home sales were down 6.8 percent in August. https://www.car.org//newsreleases/2020releases/aug2020sales