The latest California housing market trends and forecast — all point to the fact — that the market will continue its recovery from the economic shock led by the coronavirus pandemic.

Sales are expected to continue to improve for the remainder of 2020 and increase modestly again in 2021. Interest rates will remain low, giving buyers purchasing power and home prices a boost. Buyer demand remains robust and that has already pushed California’s median price above $700,000. However, inventory is expected to remain a challenge that will keep sales growth in the single digits next year, as reported by C.A.R. 

CAR's latest weekly California housing data (October 11 – 19) shows that after remaining unseasonably strong through September, closed transactions continue to drop. An average of 785 daily closed transactions was reported in the past week. That is down 13.0% from the previous week and was led by double-digit declines in almost every part of the state.

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The Dallas housing market has recovered from the impact of the pandemic. Before this ongoing crisis, Dallas was a balanced real estate market. It was doing pretty well. But in May, residential sales in Dallas County had fallen 35 percent from their level in May 2019 and the median sales price was down 4 percent. The double-digit decline in April and May led to an overall decline year-to-date compared to 2019.

The recovery of sales began from July onwards when sales rose by 20% year over year. As of September 2020, the Dallas housing market is a seller’s market, which means there are roughly more buyers than there are active homes for sale. Mortgage rates have hit another record low putting many homebuyers in the buying mood.

Sellers are just not putting their homes on the market which has left the available houses for sale at a historically low level. The market is expected to remain hot for the remainder of 2020. Supply is tightest at the lower end of the pricing spectrum. That’s because there are more house hunters and buyers on the more affordable end as compared to the higher end.

In Septemberer, the median list price of homes in Dallas on Realtor.com was $418.5K — trending up 4.6% year-over-year. The median listing price per square foot was $215. On average, homes in Dallas, Texas sell after 58 days on the market. The trend for median days on market has gone up since last month, and slightly down since last year.

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This article has been updated to reflect recent changes in the San Francisco housing market. San Francisco consistently ranks among the most expensive real estate markets in the world, and it is one of the most densely populated cities in the U.S.

SF Home sales fell to their lowest levels since 2009 in April and May and were also down significantly in June. San Francisco Bay Area housing market had the strongest sales growth in August with a more than 10 percent surge in sales from last year, which is an amazing recovery from the lows in May. This trend continued in September as well with 34.2 percent sales growth as compared to last year.

SF Bay Area home prices have also been climbing due to strong demand and low supply. After reaching near-record levels in July, the median price of single-family homes posted an increase of 20.5% year-over-year in September — the second-highest median price increase in the state of  California.

The price decreased by -0.7% as compared to the previous month (August). In the San Francisco county housing market, the median sold price increased by 0.1% to $1,665,000, $2000 more than August's median price. Sales of single-family houses rose by a whopping 90.2% YTY. Sales also increased by 8.4% MTM.

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This article has been updated to get an overview of the Sacramento housing market. Tight supply and strong demand are boosting home prices in the Sacramento housing market making it strongly skewed to sellers.

Due to the short supply of available properties, Sacramento is going to continue feeling a lot of pressure on the listings in the form of multiple offers from buyers. This has led to Sacramento being a sellers’ real estate market, forcing buyers into fierce competition with one another.

Home values have been rising in this region despite the economic disruption caused by the coronavirus pandemic. The median sales price hit $425,000 in Sacramento County and $469,000 in the four-county region last month, up roughly 10.4% from August 2019. The realtors' forecast is that Sacramento house prices would continue an upward surge in the next year as well.

Home sales have slowed down primarily due to the significant economic slowdown stemming from the response to the pandemic. August closed with 1,560 sales, down 11.9% from the 1,755 sales in July. Compared to one year ago (1,567), the current figure is down .4%, according to the Sacramento Association of REALTORS®.

Both nationwide and in the Sacramento area, housing inventories are down significantly. The Active Listing Inventory decreased by 2.2% from July to August, from 1,266 units to 1,238 units. Compared with August 2019 (2,460), inventory is down 49.7%.

According to Realtor.com, in September 2020, the median list price of homes in Sacramento was $394.9K, trending up 12.8% year-over-year. The median listing price per square foot was $255. The median sale price was $390K. Homes in Sacramento sold for approximately 100.56% of the list price on average in September.

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