We know that so much has changed this year, but our goal here at Homes of Silicon Valley is the same. Our number one priority is to provide the best real estate information and data with the least amount of stress for you. So this week, we have compiled what we consider to be the top 3 market metrics released recently, so you can get the facts and get back to your life. We wish you all the best as you continue to navigate the times we are in; please let us know if we can help you & your family in any way.
#1: Purchase Application Volume Is Strong. Did you know that even on Thanksgiving Week, the PI (Purchase Index) increased 9% from one week earlier and purchase activity was 28% higher than the same time last year?
Read More: Home Purchase Activity up 9% Despite a Slow Holiday Week
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#2: Home Price Growth Reaches 6-Year High & Expected To Slow Dramatically. If you have been wondering how high prices will go, they may have just about reached their peak pace. CoreLogic has reported that the Home Price Index has risen 7.3% in the 12-month period ending in October, the fastest home price appreciation we have seen since fall of 2014. However, prices are expected to increase much more slowly, nearly 2% slower by Fall of 2021.
Read More: October's Home Price Gains Break a Six-Year Record
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#3: FHA Has released New Single Family Loan Limits For 2021
This Just In: Loan limits for most of the country will increase in the coming year resulting from robust house price appreciation, which is factored into the statutorily mandated calculations FHA uses as part of its methodology for determining the limits each year. The new loan limits are effective for FHA case numbers assigned on or after January 1, 2021. In high-cost areas of the country, FHA’s loan limit ceiling will increase to $822,375 from $765,600.
Read More: FHA Announces New Single Family Loan Limits For 2021
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All my best,
Mark Barber
