housing market

Back in April, NBC 7 reported the coronavirus had hit the local housing market. Listings plummeted and homes on the market were taking longer to sell.

Housing affordability improved slightly in all Southern California regions in the second quarter of 2020, although higher home prices and lower household income dampened the statewide picture, the California Association of Realtors said Wednesday. In the Los Angeles metro area, 32% of residents could afford to purchase the $581,000 median-priced home in the second quarter, up from 31% in the…

Home prices have only fallen nationally once since the Great Depression, and that was following the subprime mortgage crisis and the Great Recession. Now, barely eight years after hitting bottom, and after a mighty recovery, prices are predicted to fall nationally again, down 2-3% this year, according to Zillow.

Many agents are relying on virtual tours to showcase houses, since the stay-at-home order prohibits in-person visits. Lolita Lopez reports for the NBC4 News at 5 p.m. on Thursday, April 9, 2020.

Despite what you might have heard, the Bay Area is not full of people looking to move somewhere far away. In fact, a new study shows that local people are mostly hoping to stay local even with the area’s expensive housing market. San Jose teacher Natasha Singha said if she had a choice, her next move wouldn’t be far...