Residential real estate is likely to fare far better than the commercial real estate sector. The green shaded area to the right shows Zillow’s positive home-price forecast for the San Jose real estate market, extending into the fall of 2021. The CAR's forecast points towards a modest increase in existing single-family home sales of 3.3 percent next year to reach 392,510 units, up from the projected 2020 sales figure of 380,060. Housing Market Forecast 2021. Recent reports and forecasts for the San Jose real estate market in 2021 suggest that prices in the area could keep climbing for the foreseeable future. Millennials will want to move out of their parents’ homes and into their own. After the California real estate market suffered its worst month in 13 years, California’s Realtors and landlords saw a big rebound in June. We can expect the summer of 2021 to see record activity in the California housing market due to the standard spike in real estate transactions before the school year starts. Before the coronavirus outbreak, the declining interest rates bolstered February home sales and prices in the California housing market. The median home price was virtually unchanged in Southern California. 30251 Golden Lantern, Suite E-261 Realtors will probably continue to utilize 3D virtual tours, using 360 cameras to capture images of every room in the house. Home sales rose in all regions, with the Central Coast seeing the highest rises (28%). of home sales in February went up 6.6 percent from the 395,700 level in January, marking the first time in three months that sales jumped above the 400,000 benchmarks. June’s statewide median home price was $626,170, up 6.5 percent from May and up 2.5 percent from June 2019. California Home Price Outlook Strong, After Record-Breaking Summer. California jobs are forecast to increase 0.5% in 2021, following a projected loss of 12.7% this year. However, photographers can’t travel to properties, while stagers and appraisers can’t travel to homes that owners want to sell. Santa Barbara had the biggest drop from last year, with a decline of 64.8 percent. Interest rates will remain low, giving buyers purchasing power and home prices a boost. The Central Coast had the biggest increase in October with sales growing by 28 percent. We can expect a few shifts in the California housing market long-term. The California housing market took a breather in October as home sales and price gains declined as compared to the previous month but still recorded double-digit increases from a year ago. Housing Market Crash 2021: The housing reports are comprehensive assessments and predictions of US Housing markets drawing insight from NAR, CAR, Corelogic, Wall Street Journal, Freddie Mac, tradingeconomics, statista, and more industry sources. The forecast for California’s housing market in 2021 is relatively favorable but things could change, given the seriousness of the pandemic. “At the regional level, all major regions posted double-digit, year-over-year median price increases, and all regions, except the Far North, set a new record high median price in October … The San Francisco Bay Area had the second largest price increase of 17 percent…”. Plus there will be long-term renters who recognize the opportunity that 3.1 percent 30-year mortgage rates represent, searching for homes once they can be pre-approved for a mortgage and visit properties. We can also expect online contract reviews and digital signatures to become the norm because it allows real estate transactions to move forward through some of the participants are at home.
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