Homes for Sale, Real Estate & Property Listings

Table Of Content

• Market Data
• Will the Housing Market Crash in 2024?
• You Make Money On the Buy, Not the Sell
• Breakdown of Home Sale Times
• Southern California housing prices will fall, some experts say. The question is how much
• Feds say he masterminded an epic California water heist. Some farmers say he’s their Robin Hood
• Is Rent Going Down in Los Angeles?

Sales of newly constructed single-family houses ticked down by a nominal 0.3% compared to January, but outpaced February 2023 sales by 5.9%, according to the latest U.S. Meanwhile, existing home prices continue to soar to unprecedented heights, reaching $384,500, which marks the eighth consecutive month of yearly price increases and a February median home price record. At the same time, new single-family building permits ticked up 1% in February—the 13th consecutive monthly increase—according to the latest data from the U.S. Gibbs and Gorkowski are among the many agents especially concerned about first-time home buyers. After July, first-time and VA buyers will be required to sign a buyer-broker agreement stating that they will compensate their broker—but Gibbs says many won’t have the means to do so. “[W]e’re definitely looking forward to a better housing market in 2024 as interest rates start to settle around 6% or even lower,” says Jewgieniew.

Michigan Housing Market 2024 – Forbes Advisor - Forbes

Michigan Housing Market 2024 – Forbes Advisor.

Posted: Thu, 18 Apr 2024 07:00:00 GMT [source]

Market Data

Despite a modest decline in interest rates during the latter part of the fourth quarter of 2023, the overall trend remains elevated. Rates dropped by about 100 basis points from the peak in mid-October but have stabilized in recent weeks. This stability, coupled with unexpected economic resilience, has led to speculations that the Federal Reserve might refrain from rate cutting at their upcoming March meeting. Californians for Homeownership was founded in response to the California Legislature’s call for public interest organizations to fight local anti-housing policies on behalf of the millions of California residents who need access to more affordable housing. A one-stop shop for tools and and resources to educate consumers about the intricacies of buying and selling a home and how a REALTOR® can help. During the last two years, many buyers waived contingencies to make their offers stand out from the dozens of others submitted for the same house.

Will the Housing Market Crash in 2024?

The Los Angeles Metro Area saw a median price increase of 9.0% year-over-year, reaching $801,000 in March 2024. Similarly, the Central Coast experienced a 3.0% year-over-year price increase, with a median price of $950,000. In contrast, the Far North region witnessed a 5.6% year-over-year price increase, reaching $374,950.

You Make Money On the Buy, Not the Sell

This has made the monthly cost of a home much higher and reduced the size of loans that borrowers can get, while pricing some buyers out of the market altogether. The Southern California housing market is finally slowing down after a two-year pandemic boom fueled in large part by record-low borrowing costs. Here are some expert tips to increase your chances for an optimal outcome in this tight housing market. Michael Gorkowski, a Virginia-based real estate agent with Compass, is also trying to figure out how to manage the potential ruling. For the week ending April 25, the 30-year fixed mortgage rate stood at 7.17%, according to Freddie Mac. As we head into peak home-buying season, signs of life have begun to spring up in the housing market.

When she’s not working on finance-related content, Caroline enjoys baseball, traveling and going to concerts. Massive home price growth in homeowner equity over the past few years has also helped reduce foreclosures. Though the landmark settlement is subject to court approval, most consider it a done deal. In comparison, the Central Valley is one of the most affordable areas in the state, with scores of 50 in Sacramento and 51 in Fresno—two of the best places to live in California.

Fastest Growing Rents (Month Over Month)

As a C.A.R. member you may have questions about your association and the industry. Grants for California REALTORS® and residents pursuing real estate education. Scholarships for California students planning to pursue a career in real estate. Browse our class schedule to find when and where to take real estate courses. Easily renew your real estate license with the FREE 45 hour online license renewal package from C.A.R. We offer a wide array of real estate educational courses, certifications & designations in various formats.

Southern California housing prices will fall, some experts say. The question is how much

The regional market also reflects a similar annual price increase of 11.1% compared to last year. Interestingly, the sales slowdown in Los Angeles is less pronounced regionally, with Southern California experiencing only a 7.8% year-over-year decline in sales. This suggests that Los Angeles might be experiencing a more localized cooling effect, potentially due to its specific inventory levels or unique buyer demographics. High home prices compounded by high mortgage rates translate to lofty monthly mortgage payments that easily exceed the cost of being a renter.

Feds say he masterminded an epic California water heist. Some farmers say he’s their Robin Hood

The combination of fewer buyers and more inventory has made bidding wars less common, so you may have an easier time bidding around the list price. Now, with mortgage interest rates on the rise, home sales are down, inventory is up and the prospect of home value declines is around the corner. If you’re in a financial position to buy a home you plan to live in for the long term, it won’t matter when you buy it because you will live in it through economic highs and lows. However, if you are looking to buy real estate as a short-term investment, it will come with more risk if you buy at the height before a recession. Because homes represent the largest single purchase most people will make in their lifetime, it’s crucial to be in a solid financial position before diving in. Sturtevant notes that declining new home prices are coming amid a recent trend of builders introducing smaller and more affordable homes to the market.

Sellers enjoy a robust market with favorable pricing, while buyers face limited inventory and fierce competition, demanding quick decisions and strategic tactics. C.A.R. Senior Vice President and Chief Economist Jordan Levine acknowledges potential challenges due to escalating mortgage rates. Most experts do not expect a housing market crash in 2024 since many homeowners have built up significant equity in their homes. High interest rates and inflated home values have made purchasing a home challenging for first-time homebuyers. Declining mortgage rates will likely incentivize would-be buyers anxious to own a home to jump into the market. Expect this increased demand amid today’s tight housing supply to put upward pressure on home prices.

Compared to last year, mortgage rates are lower, making homeownership more affordable for many buyers. Additionally, despite competitive market conditions, opportunities may arise for those prepared to act swiftly and decisively. Ultimately, the decision to buy a house should align with individual financial circumstances, long-term goals, and personal preferences. Take time to determine your budget and calculate the potential returns and losses per the real estate market over time and in your area.

There are also various discount brokerages that charge lower commission rates, even flat fees, in exchange for a more bare-bones approach. California has some of the most stringent zoning and land use regulations in the country. These regulations often restrict new construction and development, making it difficult to increase the housing supply to meet demand. This has resulted in a housing shortage and contributed to the rising prices. At the forefront of affordability, Lassen County maintained its position as the most affordable county in California, boasting an affordability index of 49 percent.

The index, which measures the percentage of households that can afford a median-priced, single-family home, stands at 15 percent for the fourth quarter of 2023. This is a stark contrast to the peak high of 56 percent recorded in the first quarter of 2012, underscoring the long-term challenges in housing affordability. This trend diverges from the broader housing market, where single-family homes face greater affordability challenges. The median price of condos and townhomes held up better than their single-family counterparts, showcasing a nuanced picture of the real estate landscape in California. – El Centro, situated in California's Imperial Valley, demonstrates potential for home price appreciation in the forecasted period.

But even with these changes, the settlement, which is set to go into effect in July if approved, doesn't contain a single rule that would kill off the 6% commission on its own. A deal like this simply can't solve all the industry's problems in one fell swoop, Prentiss Cox, a law professor at the University of Minnesota, said recently in a public forum he convened to discuss the coming changes. In many instances, agents might proceed with business as usual, and consumers could still end up paying today's standard commission rates. In other words, it'll be up to savvy buyers to find ways to make this deal work in their favor. California has a high population density and strong economic growth, leading to a high demand for housing.

Gibbs says that if sellers don’t offer compensation, many buyers who can’t otherwise afford to pay a broker will choose to go unrepresented. The region's economy spans various sectors, including entertainment, technology, aerospace, healthcare, and tourism. The presence of major corporations, such as those in the entertainment and tech industries, has been a key driver of job creation and economic growth. The city's thriving tourism industry, centered around attractions like Hollywood and Disneyland, also plays a significant role in generating revenue and job opportunities. The Zumper Los Angeles Metro Area Report provides valuable insights into the fluctuating landscape of rental prices across various cities in the region.

Slowing economic growth or stagnant wages can dampen demand for housing, while rising interest rates can increase borrowing costs and dissuade potential buyers. These factors, in combination with high housing prices, have made it challenging for many Californians to enter the housing market. While the affordability of single-family homes declined, there was a relatively better scenario for condominiums and townhomes. In the fourth quarter of 2023, 22 percent of homebuyers were able to afford the median-priced condo or townhome, which was pegged at $650,000.