Stock markets- The Dow Jones Industrial Average closed the week at 35,601.98, down 1.4% from 36.100.31 last week. It is up 16.3% year-to-date. The S&P 500 closed the week at 4,697.96, up 0.3% from 4,682.85 last week. It is up 25.9% year-to-date. The NASDAQ closed the week at 16,057.44, up 1.2% from 15,860.96 last week. It is up 24.6% year-to-date.
U.S. Treasury bond yields – The 10-year treasury bond closed the week yielding 1.54% down from 1.58% last week. The 30-year treasury bond yield ended the week at 1.91%, down from 1.95% last week. We watch bond yields because mortgage rates often follow treasury bond yields.
Mortgage rates – The November 17, 2021, Freddie Mac Primary Mortgage Survey reported mortgage rates for the most popular loan products as follows: The 30-year fixed mortgage rate was 3.10%, up from 2.98% last week. The 15-year fixed was 2.39% up from 2.27% last week. The 5-year ARM was 2.49%, down from 2.53% last week. Following the release of the inflation numbers mortgage rates increased at the end of the week. The 30-year was over 3% on Friday.
October California existing-home sales – The California Association of Realtors reported that existing-home sales totaled 434,170, down 0.9% month-over-month from September and down 10.4% year-over-year from October 2020. Year-to-date sales are up 13.4% from the same period last year. The median price paid for an existing-home in October was $798,440, up 12.3% from last October when the median price was $711,300. There was a 1.8 month supply of homes for sale in October, down slightly from a 2.0 month supply of homes for sale one year ago. Below are regional figures.
southern California Median Sold price of Existing Single-Family Homes for October 2021
| State/Region/County | Oct-21 | Sep-21 | Oct-20 | Price MTM% Chg | Price YTY% Chg | Sales MTM% Chg | Sales YTY% Chg |
|---|---|---|---|---|---|---|---|
| Los Angeles | $848,970 | $886,050 | $745,080 | -4.2% | 13.9% | 6.6% | -7.7% |
| Orange | $1,120,000 | $1,100,000 | $930,000 | 1.8% | 20.4% | -7.4% | -20.2% |
| Riverside | $580,000 | $570,000 | $485,000 | 1.8% | 19.6% | -4.7% | -18.4% |
| San Bernadino | $445,000 | $437,000 | $365,000 | 1.8% | 21.9% | 2.0% | -10.0% |
| San Diego | $850,000 | $850,000 | $749,000 | 0.0% | 13.5% | -4.9% | -8.3% |
| Ventura | $830,000 | $815,000 | $750,000 | 1.8% | 10.7% | -5.3% | -8.0% |
Sources:
- Rodeo Realty, Inc.