Market Update 5.3.22
Buyer demand has seen a slump the last two weeks. Below in the HB market snapshot, I note that there are 138 active listings in Huntington Beach and of those active homes, 26 of them had price reductions this last week, almost 19% of the market. I'm seeing the same type of trend throughout the county and in the link below, Steven Thomas discusses this unexpected slump in demand in the latest Orange County Housing Report...check it out.
A quick glance at where we are with the market this week:
#1 - Interest Rates
Rates as of 5/3/2022
*30 year conventional mortgage average: 5.500%
*15 year conventional mortgage average: 4.875%
*Jumbo/Portfolio 30 year: 4.625%
*Jumbo/Portfolio 15 year: 4.375%
*If you wanted to buy a home for: $1,000,000
Down payment (20%): $200,000
Est. monthly mortgage payment: $5,876/month for 30 years
Est. monthly mortgage payment: $7,608/month for 15 years
Est. monthly mortgage payment: $5,447/month for Jumbo/Portfolio loan 30 year
Est. monthly mortgage payment: $7,403/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 5/3/2022
* There are 47 new homes on the market in the last week in Huntington Beach for a total of 138 active listings!
* 32 properties went under contract in the last week.
* Median list price is $1,299,000.