Welcome to our August newsletter. This month, we take a look at the conditions of the U.S. and global economies in relation to the local, state, and national real estate markets. In particular, we examine some crucial economic indicators, Real Gross Domestic Product (GDP) and the unemployment rate. Although COVID-19 is still surging through California and the country, sellers are returning to the market, bringing some much-needed supply to meet buyer demand. As we make our way through the summer months, we continue to provide you with the most up-to-date market information so that you feel supported and informed in your buying and selling decisions.
In this month’s newsletter, we cover the following:
- Key News and Trends in August: U.S. GDP fell 9.5% in 2020’s second quarter. The national unemployment rate is 11% as of August 6, 2020, and 30-year fixed mortgage rates hit historic lows in July. COVID-19 continues to spread in the United States, although new cases seem to be marginally decreasing in California and nationally.
- August Housing Market Updates: Silicon Valley’s housing market experiences larger buyer demand increasing home sales and prices.