South Livermore Home Sales | Pending Home Sales Rebound

Livermore, CA

• Signed contracts on existing homes, a.k.a. pending sales, jumped 7.5% from September, according to the National Association of Realtors.
• The average rate on a 30-year fixed mortgage was just below 3% in mid-September, but climbed to 3.22% by the end of October, according to Mortgage News Daily.

In October the average mortgage rate rose, but buyer demand was not shaken. Home buyers came back and pending home sales increased. South Livermore Neighborhoods continued to see high demand for top properties.

Sales of homes were lower by 1.4% in October compared to 2020, but pending home sales jumped 7.5% from September on a national level.

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Pending home sales are a forward looking indicator of home sales 30 to 45 days down the road. With an increase in the number of pending homes in South Livermore Neighborhoods, we can project higher closed contracts and potential price increases.

“Motivated by fast-rising rents and the anticipated increase in mortgage rates, consumers that are on strong financial footing are signing contracts to purchase a home sooner rather than later,” said Lawrence Yun, NAR’s chief economist. “This solid buying is a testament to demand still being relatively high, as it is occurring during a time when inventory is still markedly low.”

More October Info Here