Only a few more weeks left of summer vacation and the kids will be back in school!
At the beginning of July, home buying activity rose to the highest level since 2012 thanks in large part to historically low mortgage rates that have fallen as low as 3.125%. For the luxury market, demand for homes above $1.25 million also increased by 16%. However, inventory continues to remain at an all-time low and this limited supply keeps prices high as buyers compete to get a deal.
Across the board, U.S. home prices have continued to rise despite coronavirus, gaining 5.5% recently (according to the National Association of Realtor data). This marks a particularly advantageous opportunity to sell high and buy low! Find out your home's value by clicking here.
Included below is your 60-day and 12-month Irvine Real Estate market snapshot. I am your local resource for all your real estate needs. Referrals are always appreciated. Stay safe everyone!
- Ellie Yung, Your Irvine Real Estate Specialist
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