March 3, 2021: According to the California Association of Realtors a rise in interest rates caused the market to slow somewhat over the past two weeks, although interest rates do remain very low by historical standards. Preliminary figures from MLSs across the state show that California home sales grew by more than 15 percent on a year-to-year basis in February. Even so, for the first time since the housing market recovery turned the corner on an annualized basis back in July, the number of existing single-family home sales declined on a year-to-year basis during the final week of February. This ends a 34-week consecutive streak of growing home sales.
According to a new study research from Zillow, a large majority of homeowners (70 percent) say they would be mostly or completely comfortable moving to a new home with widespread COVID-19 vaccine distribution, compared to about half (52 percent) who currently feel that way. This research could indicate that as vaccinations grow more widespread, the upcoming summer homebuying season could intensify.
Sources: Bankrate, C.A.R. Research & Economics, Zillow