The housing market was so hot at the beginning of the year that the moment Edwin Baloloy would list a property, he would immediately begin fielding inquiries.

“It’s a market that I’ve never experienced before,” said Baloloy, a real estate salesperson at Newport Beach-based Residential Agent. Baloloy has been in the real estate market since 2002.

“It really took off,” he said. “It did get to a point where I entered a listing and started getting phone calls, and I’d get 15 to 20 offers. It’s a hyper seller’s market.”

What You Need To Know

  • The coronavirus pandemic has fueled the high number of home sales in the state
  • According to the California Association of Realtors, the median price of a home as of June 2021 was $820,000, a 30% increase from the previous year  
  • While the housing market was hot in the first six months of the year, economists believe the market will slow down in the latter half of the year
  • The California…

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