Market Update 5.17.22
Although many people are jumping to conclusions with the recent higher interest rates and higher inflation about the potential for a recession in the housing market, Steven Thomas comforts us by noting that the sky is NOT falling in the latest Orange County Housing Report . We are still in a seller's market with the average days on market for a property clocking in at 34 days. It may not be the insanely hot sellers' market we have been experiencing so sellers will need to price appropriately but inventory is still low and buyers are still hoping to find their dream home and lock in these rates.
A quick glance at where we are with the market this week:
#1 - Interest Rates
Rates as of 5/16/2022
*30 year conventional mortgage average: 5.375%
*15 year conventional mortgage average: 4.750%
*Jumbo/Portfolio 30 year: 4.875%
*Jumbo/Portfolio 15 year: 4.500%
*If you wanted to buy a home for: $1,000,000
Down payment (20%): $200,000
Est. monthly mortgage payment: $5,814/month for 30 years
Est. monthly mortgage payment: $7,557/month for 15 years
Est. monthly mortgage payment: $5,568/month for Jumbo/Portfolio loan 30 year
Est. monthly mortgage payment: $7,454/month for Jumbo/Portfolio loan 15 year
Get pre-approved to be ready for the purchase process now. If you would like to speak with a mortgage lender, click reply and I will make an introduction to a lender that will best meet your lending needs.
#2 Real Estate Market Snapshot for Huntington Beach as of 5/16/2022
* There are 49 new homes on the market in the last week in Huntington Beach for a total of 154 active listings.
* 31 properties went under contract in the last week.
* Median list price is $1,349,000.