In a typical year, the traditional home buying season is spring through summer but 2020 has been anything but typical. According to the California Association of Realtors, September home sales climbed to their highest level in more than a decade.
Closed escrow sales of existing, single-family homes in the Golden State surpassed 489,500 units as of last month, when adjusted to account for seasonal factors. This is the third consecutive month of sales volume above 400,000 and the highest level recorded since February 2009.
Near record-low mortgage rates have led to a surge in home buying this year as buyers realize the savings of locking in a favorable rate.
Today, conforming no-point 30-year fixed mortgage rates are averaging 2.875 percent and 15-year rates are near 2.5 percent.
Do you have a question for Real Estate & Mortgage Analyst Mehran Aram? Submit your queries about a home purchase, refinance, or reverse mortgage via Aramco.biz, social media (#AramcoReport), or over the phone at (866) 381-8888 and your questions may be featured in an upcoming article.