Existing-Home Sales for August 2021 will be released on Wednesday, September 22, 2021, at 10:00 a.m. Eastern.
Real estate agents report home buyers have stop making offers after engaging in bidding wars they could never win. Analysts predicted home price gains would moderate or flatten out soon, due to buyers incomes keeping up with price appreciation at the 20% levels seen earlier this year.
The buying streak that benefits sellers may have ended due to sky-high prices. “The median price of a Southern California home, or the price at the midpoint of all sales, was $680,000 in August, down $1,000 from July, DQ News/CoreLogic reported Monday, Sept. 20. There also were 541 fewer homes sold last month than in July, a decrease of 2.2%.” reports The Sun News
Inventory is still low and many sellers on Zillow have reported reducing prices on homes for sale by 10.7% in Los Angeles and Orange counties and by 10.3%. Riverside county reports decreases of 10.3% respectively.
According to the latest home value forecast data from Zillow, the median home value in the U.S. is $262,604; but Zillow is predicting an increase of nearly 8% within the next year.” GoBankingRates used the median home value instead of the median home price by state because value accounts for more factors, such as comparable home sales and inspections. Median home value is an estimate of what the property is actually worth, while the median list price is based on demand and listing agent.” As reported by GoBankingRates.com