Home Tags . . World News – CA – L. . ONE. Home Sales Rise As California Housing Market Defies Covid

Tag: . . World News – CA – L. . ONE. Home Sales Rise As California Housing Market Defies Covid

. . (Bloomberg) - When it comes to L.. ONE. "Sunset" is still selling real estate - even nine months after the pandemic began. With interest rates at some of the lowest levels ever, many renters are rethinking their housing options, said Jason Oppenheim, star of Selling Sunset, a Netflix reality series with a realtor team and the dazzling Los Angeles properties they sell. "Let's face it, the 1% is doing very well right now, with markets at all-time highs and extremely low interest rates," said Oppenheim, who runs his brokerage for the Oppenheim Group along Sunset Boulevard, which the show revolves around. “Houses are affordable right now and people want to get out of their cramped apartments. "Los Angeles is not alone. Since Covid-19 was declared a public health emergency in March, home buyers in California's largest cities have shown no slack in real estate bets. Along with Los Angeles, San Jose, San Diego, Sacramento, and San Francisco were the U. . S.. . Markets with the largest increase in new mortgages in the third quarter, according to a study by ATTOM Data Solutions that tracked metro areas nationwide with at least 1 million people. And that happened in the three months that the number of residential mortgages in the country rose to record levels. What pandemic? Nationally, lenders spent about 1. ATTOM's data showed that the third quarter of 05 million home purchase mortgages was 25% more than the same period in 2019. New home loans accounted for around 34. 5% of total mortgage activity last quarter. "The real estate market is still functioning as if the recession sparked by the pandemic hadn't existed," said Todd Teta, ATTOM's chief product officer. “Buyers and property owners, drawn to low mortgage rates, have consistently positioned themselves to borrow at levels not seen in more than a decade. “Younger buyers are entering the market together with the tenants. "The simple fact is that millions of well-qualified millennials are seriously looking for homes and competing for a shortage of homes for sale," said Jeff Tucker, senior economist at real estate company Zillow. According to Zillow, the intense demand in a tense market has brought the monthly and quarterly growth in house value to a level not seen since 2005. The scarcity of supply is reflected in many California markets, with sales signs quickly disappearing from front yards. Listings in Los Angeles were down 17. 5% from a year ago for the week through November. 14th. In San Diego, they're 33% lower and entries are down 37. 2% in Sacramento. In Riverside, east of Los Angeles, they fell by almost half, Zillow's data showed. Some of the new buyers are headed for high-end right after amassing the tech boom fortune. The tech-heavy Nasdaq Composite Index hit a record high in the third quarter and is hovering around that level, while the S&P 500 index hit a new high earlier this week. "Instagram, TikTok, YouTube, young people get it out of here," said Oppenheim. “I sell a ton of homes worth $ 5 to 10 million to people on social media. “Still, not all markets are doing above average as the loss of jobs due to the pandemic continues to weigh on consumer confidence in other parts of the US. S.. . ATTOM's Teta warned, “The pandemic and other factors could come together and stop the market boom. Pittsburgh, Rochester, and Buffalo, New York State, as well as Buffalo, Detroit, and New York City are major metropolitan areas that saw mortgage declines year over year. Despite the mixed signals, Zillow predicts 2021 will be the best year for home sales since 2006. "People are not afraid to buy into this market," said Oppenheim. "We'll probably see a couple of good years ahead of us. For more articles like this, please visit us on Bloomberg. comSubscribe now to stay one step ahead with the most trusted business news source. © 2020 Bloomberg L. . P. .

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