The California Association of Realtors have reported that California home sales in February not only rose from January, but were higher than the previous year. Even better? The median price fell in California.

It looks like existing, single family home sales rose 6.6% from January and 5.9% from February of 2019.

The median home price in California fell down .08% from January, and up 8.5% from February of 2019. Enough to make a difference in some people’s home budgets!

This is the first time in three months that home sales rose above the 400,000 benchmarks, and the eight-consecutive month of year-over-year increases.

The good news? Mortgage rates remain extremely low for home buyers and those planning on refinancing.

But what about the Future?

We understand these times can be stressful and uncertain, especially when it’s regarding the real estate market during the Covid-19 Pandemic. Before the outbreak began in the U.S., the housing market was expected to have a busy spring & summer season. There was little inventory, but plenty of demand to keep sales happening. And the low mortgage rates are keeping more homes affordable and sale volume elevated.

However, at this time experts are expecting the real estate market to slow during the coronavirus crisis. With the inability to host open houses or show homes, it will be difficult for buyers to complete their home searches. Additionally, many home buyers may have lost their jobs and income at this time, further preventing them from qualifying for a mortgage and buying a home.

However, Lawrence Yun, chief economist for the National Association of Realtors says that while the housing market may suffer during this crisis, it will bounce back afterward. Historically, the real-estate industry has rebounded well in areas that were greatly affected. Yun predicts that home transactions will continue with virtual tours, electronic signatures and the help of technology.

“Many of the home sales that are likely to be missed during the first part of 2020 may simply be pushed into late summer and autumn parts of the year,” said Lawrence Yun.

While we might experience a slow down in the second quarter of the year, its important to remain prepared if you plan on buying or selling at the end of the year.

As of March 28^th, real estate is considered an essential business. We are taking all Covid-19 guidelines seriously and are following all CDC advice. At the moment, we are offering virtual open houses, presentations and virtual private home tours.

And above all, practice safe measures to ensure you do your part to help end the pandemic. Rest assured that our team is taking all the necessary precautions with our clients and listings. We are still here to answer your questions via video chat or phone calls and will be able to show properties virtually.