In a snapshot of 2021, despite the devastating effects of the coronavirus pandemic, the luxury real estate market has seen one of its strongest years since 2008. In comparison to experts’ predictions in early 2020, it is remarkable how significant demands for property type, location, and amenity preferences have changed amid the pandemic. However, by the end of the 2nd quarter, demand had rapidly changed with luxury homeowners purchasing properties in suburban and exurbia communities that afforded them privacy, security and space which was true for Napa and Sonoma. This change was as immense as it
Mortgage application submissions saw a composite decrease of 8.1% during the week ending 2/4. Refinance application submissions dropped 7%, while purchase application submissions dropped 10%. The consumer price index rose 0.6% month-over-month in January. Year-over-year, the index saw a 7.5% rise – the highest annual level since 1982. Stripping out food and energy, the core consumer price index climbed 6% year-over-year. Initial jobless claims fell to a level of 223,000 during the week ending 2/5. Continuing jobless claims remained unchanged at a level of 1.62 million during the week ending 1/29.