When COVID-19 first descended upon the United States, the real estate industry nearly ground to a halt. But according to a new report from SiliconValley.com, the hot housing market in the state has brought jobs in the industry roaring back.
In fact, the report stated that there were 2.92 million workers in the real estate industry statewide as of April – this is down just 43,500 workers pre-pandemic. This is equivalent to a 99 percent recovery. This is far better than the 91 percent recovery of total employment in California.
Economists largely concur that the real estate market in California has helped keep the state’s economy afloat throughout the pandemic. Low mortgage rates have prompted a surge of work-from-home Californias to seek out new places to live, work and play.
Meanwhile, conforming no-point 30-year fixed mortgage rates are averaging 2.875 percent and 15-year rates are near 2.25 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.