According to Mansion Global, the number of United States cities where the cost of a typical home is $1 million dollars shot up 17% in 2020. There are now 312 so-called "million-dollar cities" in the United States, 45 more than a year ago. North County San Diego median home prices are north of $1m and continues to be on the rise.
Despite some media predictions that mortgage rates would slowly trickle back up in 2021, the new year is in swing and the same story applies - a new record low for mortgage rates. Inman shared that the average rate for the 30-year fixed-rate mortgage fell to 2.65 percent at the end of the first week of January, setting a record for the lowest number ever recorded by Freddie Mac since 1971! There is definitely momentum and with remarkably low rates, this is an amazing opportunity for prospective buyers to take advantage of buying and a great time for sellers to sell!