This week, demand is still strong in SoCal's housing market despite high prices, Comedian Trevor Noah lists Bel Air mansion, Elon Musk looks to sell and more.
MARKETNEWS
Hot, hot, hot ... warm: SoCal home values hit new record, but price rises are slowing
Southern California home prices set another record last month, but the market is cooling despite the all-time price high. The region’s six-county median sales price — the point at which half the homes sold for more and half for less — climbed 1.3% from August to $688,500 in September, according to data released this week.
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Inside Elon Musk’s Last Silicon Valley Home & Why It Hasn't Sold Yet
Elon Musk is a man on the move, and not just to the outer reaches of the moon. The rocket man has listed his last-known San Francisco Bay Area mansion for $31,990,000. But this isn’t this property’s first time on the market. This is actually the third time the home has been listed in the past 17 months. One reason it my not have sold is he didn’t work with a real estate professional to sell the home.
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Trevor Noah Lists $29.75M Bel-Air Mansion Less Than a Year After Buying It
Just 10 months after picking up a posh mansion in L.A.’s Bel-Air neighborhood, comedian and TV host Trevor Noah wants to sell it for $29.75 million. The Japanese-inspired design was described as a “tranquil haven” in Architectural Digest in 2017. Find out what other details, aside from dark wood accents, light-filled spaces, and city views this home has.
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Existing home sales surge as interest rates point higher
Sales of previously occupied U.S. homes bounced back in September to their strongest pace since January as mortgage rates tick higher, motivating buyers to get off the sidelines. The National Association of Realtors said Thursday that existing homes sales rose 7% compared with August to a seasonally-adjusted annual rate of 6.29 million units. That was stronger than the 6.11 million units that economists had been expecting.
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30-year Mortgage Rates Surge to Highest Level in a Year
What this means: Today’s 30-year mortgage rates jumped to 3.250% — the highest they’ve been for more than a year. Homebuyers might want to act now before rates climb even higher, as mortgage experts have predicted. Rates for 20-year terms are also on the rise, climbing to 2.875% today for the first time since May 12. Meanwhile, 15-year rates have held at 2.375% for the past five days, and 10-year rates inched up to 2.250%.
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Demand is Still Strong -- Housing Market Still Hot In Los Angeles
The housing market typically cools off during the fall and winter, but experts predict that it will stay hot the rest of the year. Demand is still strong, but the number of homes on the market is still low in most parts of the country, said Daryl Fairweather, chief economist at Redfin, a national real estate brokerage. Home prices are expected to keep rising nationally as a result, although at a much slower rate.
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