California Housing Market Sets New Records

thousand oaks homes for sale

California Housing Market Sets New Records

The California housing market took a very brief dip in July 2021 for the first time in nearly 18 months. However, that is all that is was – a brief dip. Thousand Oaks homes for sale are no different. August topped the charts with California’s 5th all time median home price within a 6 month time period. From July 2021 to August 2021 the California median home price rose 2.1% to a value of $827,940. July 2021 saw a median home sale price of only $811,170. August 2020 had a median home sale price of $706,900, which is a 17.1% gain to August 2021.
These record highs that we are seeing can be attributed to the consistently low mortgage interest rates coupled with the consistently low inventory. What should be happening in a normal market is that sellers would see the increased home sale prices and want to put their homes on the market as well. While this is slowly happening more, it is not happening often enough to level the playing field. If more inventory would come available it would even out the home sale prices and allow buyers more options and create a more even keel market. This is simply not happening and likely still due to the COVID19 pandemic.
Below are California’s median home sale prices broken down by region:
Southern California: Year over year gain of 18% for a sale price of $760,000
San Francisco: Year over year gain of 18.4% for a sale price of $1,265,000
Central Coast: Year over year gain of 11.4% for a sale price of $905,000
One thing is certain and that is if you are looking to sell your home in the Thousand Oaks area there are a surplus of buyers available to you. If you are looking for Thousand Oaks homes for sale we understand how frustrating this market can be to tackle and we are here to help you every step of the way.

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