The White House recently announced additional measures to help struggling homeowners avoid foreclosure as they exit forbearance, including loan modifications and payment reductions. Borrowers with federally backed mortgages can lock in lower interest rates and extend the length of their mortgages. For borrowers who can’t resume their monthly mortgage, HUD will offer lenders the ability to provide all eligible borrowers with a 25% principal and interest reduction.
SAN FRANCISCO data is as follows*
Compared to July 2020, in July 2021:
New Listings were down 46.8 percent for single family homes and 58.0 percent for Condo/TIC/Coop properties.
Pending Sales decreased 8.0 percent for single family homes but increased 46.3 percent for Condo/TIC/Coop properties.
Median Sales Price was up 15.3 percent to $1,850,000 for single family homes but decreased 4.0 percent to $1,210,000 for Condo/TIC/Coop properties.
Months Supply of Inventory decreased 61.7 percent for single family units and 67.4 percent for Condo/TIC/Coop units.
*Please contact us for the San Francisco Association of Realtors full data report.
We've also included Snapshot links for the counties below from the California Association of Realtors.
OUTLOOK, per SFAR:
The National Association of REALTORS® reported inventory of homes for sale nationwide rose slightly in June as more sellers list their homes, hoping to take advantage of record-high sales prices across the country. Even with renewed home seller interest, inventory overall remains 18.8% lower than a year ago, according to NAR.
Now, more than ever, it's crucial that Buyers and Sellers align themselves with a knowledgeable Realtor who understands the dynamics of our unique Bay Area market. If you or someone you know is looking to purchase or sell real estate, we’d love to put our knowledge to work to help you achieve your real estate goals while minimizing time, costs and liability.
Sending warm wishes for a wonderful weekend!