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High mortgage rates continue to hamper California home sales in June, C.A.R. reports High mortgage rates continue to hamper California home sales in June, C.A.R. reports
PR Newswire
LOS ANGELES, July 17, 2024 Existing, single-family home sales totaled 270,200 in June on a seasonally adjusted annualized rate, down 0.8 percent from 272,410 in May and down 2.7 percent from 277,690 in June 2023. June’s statewide median home price was $900,720, down 0.8 percent from May and up 7.5 percent from $837,850 in June 2023.Year-to-date statewide home sales edged down 0.5 percent.LOS ANGELES, July 17, 2024 /PRNewswire/ -- California home sales remained stagnant for the second consecutive month in June, as the 30-year fixed rate mortgage remained above 7 percent throughout most of May, when most of these sales opened escrow, the CALIFORNIA ASSOCIATION OF REALTORS® (C.A.R.) said today. Infographic: https://www.car.org/Global/Infographics/2024-06-Sales-and-Price
Closed escrow sales of existing, single-family detached homes in California totaled a seasonally adjusted annualized rate of 270,200 in June, according to information collected by C.A.R. from more than 90 local REALTOR® associations and MLSs statewide. The statewide annualized sales figure represents what would be the total number of homes sold during 2024 if sales maintained the June pace throughout the year. It is adjusted to account for seasonal factors that typically influence home sales.
June’s sales pace dipped 0.8 percent from the revised 272,410 homes sold in May and were down 2.7 percent from a year ago, when a revised 277,690 homes were sold on an annualized basis. The sales pace has remained below the 300,000-threshold for 21 consecutive months, and year-to-date home sales have fallen behind last year’s level by -0.5 percent through the first half of the year.
“With interest rates coming down to the lowest levels since February and the availability of homes loosening up further in the last few months, the housing market is gearing up for another run in the second half of the year,” said C.A.R. President Melanie Barker, a Yosemite REALTOR®. “We could see a pickup in market momentum at the start of the third quarter if rates decline in a more sustainable way in the coming weeks and buyers decide to take advantage of lower costs of borrowing.”
The statewide median price took a step back in June, after setting record highs during the past two previous months. June’s median price slipped 0.8 percent from $908,040 in May to $900,720 in June, exceeding the $900,000-benchmark for the third month in a row. California’s median home price was 7.5 percent higher than the $837,850 recorded in June 2023. The year-over-year gain was the 12th straight month of annual price increases, albeit the smallest since January. Home prices will likely continue recording positive year-over-year gains in the second half of the year, though the pace of growth could moderate if the rest of the year follows the traditional seasonal pattern.
Stronger sales of higher-priced properties continued to contribute to median price growth, especially since million-dollar home sales in California have been rising more rapidly than their more affordable counterparts in the state. The million-dollar-and-higher market segment rose year-over-year in June by 2.0 percent, while the sub-$500,000 segment declined by 21.0 percent. Sales of homes priced above $1 million now make up 36.3 percent of all sales, nearly the biggest share in at least the last five years.
“Home sales pulled back in June as interest rates remained volatile at the end of the second quarter. The average 30-year fixed rate mortgage began to decline since early July though and recently reached the lowest level in five months as the inflation cooling trend continued,” said C.A.R. Senior Vice President and Chief Economist Jordan Levine. “While it will take a couple of more reports for the Federal Reserve to begin cutting rates, housing affordability for qualified buyers should begin to see some improvement in the coming months.” Other key points from C.A.R.‘s June 2024 resale housing report include:
At the regional level, home sales in all major regions continued to be softer than year-ago levels. All five regions registered declines from a year ago, with both the Far North (-16.3 percent) and Southern California (-11.5 percent) dropping by double-digits year-over-year. The Central Coast (-9.7 percent) followed closely, while the Central Valley (-5.5 percent) and the San Francisco Bay Area (-1.1 percent) recorded more modest drops as elevated interest rates continue to create affordability challenges for homebuyers.Forty-one of the 53 counties tracked by C.A.R. recorded sales declines from a year ago, with 15 counties dropping more than 20 percent year-over-year, and five of them falling more than 30 percent from last June. Glenn (-57.9 percent) had posted the biggest sales dip, followed by Trinity (-38.5 percent) and Lassen (-36.4 percent). Eleven counties experienced sales increases from a year ago, with sales in one of the counties jumping more than 10 percent year-over-year. Mendocino (11.6 percent) registered the largest yearly gain in June, followed by Stanislaus (6.2 percent) and Merced (5.5 percent).At the regional level, all major regions experienced an increase in their median price from a year ago in June. The Central Coast posted the biggest sales jump on a year-over-year basis, increasing 8.9 percent from a year ago. The Far North (7.6 percent) and Southern California (7.4 percent) were a close second and third, respectively, and were followed by the San Francisco Bay Area (5.8 percent) and the Central Valley (4.8 percent), which also experienced an increase in their median prices from June 2023.Home prices continued to grow on a year-over-year basis throughout the state, with median sales prices in 43 counties rising from a year ago in June, an improvement from the 40 counties that recorded price gains in May. Mono (34.1 percent) posted the biggest price gain, followed by Monterey (30.5 percent) and Siskiyou (24.9 percent). Nine counties recorded a decline in their median prices from last year, with Mariposa dropping the most at 16.8 percent, followed by Del Norte (-14.6 percent), and Madera (-7.3 percent).The statewide unsold inventory index (UII), which measures the number of months needed to sell the supply of homes on the market at the current sales rate improved from both the prior month and year. The index was 3.0 months in June, up from 2.6 months in May and up 2.2 months in June 2023.At the county level, the number of properties for sale increased from a year ago in all but three counties in June. Alameda (85.5 percent) recorded the biggest year-over-year jump, followed by Contra Costa (84.3 percent) and Solano (70.2 percent). The only counties registering a dip from last year were Glenn (-23.1 percent), San Francisco (-18.4 percent) and San Mateo (-3.0 percent).New active listings at the state level increased from a year ago for the sixth consecutive month. The pace of growth, however, has declined in the last two months to a single-digit number in June due primarily to seasonality factors. Twenty-nine of the 52 counties tracked by C.A.R. posted an increase in new active listings from June 2023. Yuba recorded the largest increase in new listings on a year-over-year basis at 44.8 percent, followed by Mendocino (35.6 percent) and Sutter (28.3 percent). Twenty-three counties experienced a decline in new active listings from a year ago, with Trinity (-34.5 percent) registering the sharpest drop, followed by Glenn (-28.6 percent) and Mono (-22.7 percent).The median number of days it took to sell a California single-family home was 18 days in June and 15 days in June 2023.C.A.R.‘s statewide sales-price-to-list-price ratio* was 100.0 percent in June 2023 and 100.0 percent in June 2023.The statewide average price per square foot** for an existing single-family home was $440, up from $412 in June a year agoThe 30-year, fixed-mortgage interest rate averaged 6.92 percent in June, up from 6.71 percent in June 2023, according to C.A.R.’s calculations based on Freddie Mac’s weekly mortgage survey data.Note: The County MLS median price and sales data in the tables are generated from a survey of more than 90 associations of REALTORS® throughout the state and represent statistics of existing single-family detached homes only. County sales data is not adjusted to account for seasonal factors that can influence home sales. Movements in sales prices should not be interpreted as changes in the cost of a standard home. The median price is where half sold for more and half sold for less; medians are more typical than average prices, which are skewed by a relatively small share of transactions at either the lower end or the upper end. Median prices can be influenced by changes in cost, as well as changes in the characteristics and the size of homes sold. The change in median prices should not be construed as actual price changes in specific homes.
*Sales-to-list-price ratio is an indicator that reflects the negotiation power of home buyers and home sellers under current market conditions. The ratio is calculated by dividing the final sales price of a property by its original list price and is expressed as a percentage. A sales-to-list ratio with 100 percent or above suggests that the property sold for more than the list price, and a ratio below 100 percent indicates that the price sold below the asking price.
**Price per square foot is a measure commonly used by real estate agents and brokers to determine how much a square foot of space a buyer will pay for a property. It is calculated as the sale price of the home divided by the number of finished square feet. C.A.R. currently tracks price-per-square foot statistics for 53 counties.
Leading the way…® in California real estate for more than 118 years, the CALIFORNIA ASSOCIATION OF REALTORS® (www.car.org) is one of the largest state trade organizations in the United States with more than 180,000 members dedicated to the advancement of professionalism in real estate. C.A.R. is headquartered in Los Angeles. June 2024 County Sales and Price Activity (Regional and condo sales data not seasonally adjusted) June 2024
Median Sold Price of Existing Single-Family Homes
Sales
State/Region/County
June
2024
May
2024
June
2023
Price MTM% Chg
Price YTY% Chg Sales MTM% Chg Sales YTY% Chg
Calif. Single-family home
$900,720
$908,040
$837,850
r
-0.8 %
7.5 %
-0.8 %
-2.7 %
Calif. Condo/Townhomes
$697,000
$690,000
$650,000
1.0 %
7.2 %
-16.2 %
-8.9 %
Los Angeles Metro Area
$835,000
$840,000
$775,000
-0.6 %
7.7 %
-12.1 %
-13.5 %
Central Coast
$1,072,000
$1,059,000
$984,500
1.2 %
8.9 %
-8.7 %
-9.7 %
Central Valley
$503,000
$507,080
$480,000
-0.8 %
4.8 %
-7.9 %
-5.5 %
Far North
$409,000
$400,000
$380,000
2.3 %
7.6 %
-13.7 %
-16.3 %
Inland Empire
$600,000
$598,490
$570,000
0.3 %
5.3 %
-7.3 %
-13.2 %
San Francisco Bay Area
$1,400,000
$1,455,000
$1,323,810
-3.8 %
5.8 %
-7.6 %
-1.1 %
Southern California
$875,000
$880,000
$815,000
-0.6 %
7.4 %
-11.5 %
-11.5 %
San Francisco Bay Area
Alameda
$1,369,210
$1,375,000
$1,305,000
-0.4 %
4.9 %
-9.4 %
4.8 %
Contra Costa
$903,000
$942,500
$930,000
-4.2 %
-2.9 %
-10.7 %
-3.1 %
Marin
$1,800,000
$1,800,000
$1,715,000
0.0 %
5.0 %
-9.2 %
-7.7 %
Napa
$952,500
$987,000
$843,750
-3.5 %
12.9 %
-10.8 %
-5.7 %
San Francisco
$1,650,000
$1,690,000
$1,595,000
-2.4 %
3.4 %
-12.1 %
-1.5 %
San Mateo
$2,110,000
$2,400,000
$2,039,000
-12.1 %
3.5 %
-7.6 %
-8.7 %
Santa Clara
$1,955,000
$2,100,000
$1,825,000
-6.9 %
7.1 %
-13.0 %
2.6 %
Solano
$601,250
$605,000
$590,000
-0.6 %
1.9 %
16.8 %
-2.7 %
Sonoma
$835,000
$880,450
$850,000
-5.2 %
-1.8 %
2.2 %
-2.4 %
Southern California
Imperial
$385,000
$405,000
$378,160
-4.9 %
1.8 %
-15.7 %
-18.9 %
Los Angeles
$889,180
$811,610
$832,310
9.6 %
6.8 %
-13.8 %
-15.5 %
Orange $1,450,000
$1,422,500
$1,260,000
1.9 %
15.1 %
-17.1 %
-11.9 %
Riverside $643,500
$650,000
$628,000
-1.0 %
2.5 %
-8.6 %
-13.5 %
San Bernardino
$522,500
$488,900
$470,000
6.9 %
11.2 %
-4.9 %
-12.6 %
San Diego
$1,054,180
$1,025,000
$958,250
2.8 %
10.0 %
-9.0 %
-1.9 %
Ventura
$964,500
$925,000
$927,500
4.3 %
4.0 %
-10.0 %
-5.7 %
Central Coast
Monterey
$1,039,000
$1,047,000
$796,370
-0.8 %
30.5 %
-24.7 %
-21.0 %
San Luis Obispo
$890,000
$885,000
$865,000
0.6 %
2.9 %
3.3 %
3.3 %
Santa Barbara
$1,355,500
$1,375,000
$1,197,000
-1.4 %
13.2 %
-13.1 %
1.2 %
Santa Cruz
$1,413,000
$1,355,000
$1,200,000
4.3 %
17.8 %
3.7 %
-25.3 %
Central Valley
Fresno
$428,890
$425,000
$429,390
0.9 %
-0.1 %
4.1 %
-5.8 %
Glenn
$350,000
$329,250
$360,000
6.3 %
-2.8 %
-33.3 %
-57.9 %
Kern
$375,000
$400,000
$381,180
-6.3 %
-1.6 %
-1.0 %
3.0 %
Kings
$391,400
$361,000
$355,000
8.4 %
10.3 %
-30.4 %
-33.7 %
Madera
$415,070
$429,000
$447,700
-3.2 %
-7.3 %
-13.3 %
-28.2 %
Merced
$421,000
$400,000
$390,650
5.3 %
7.8 %
18.5 %
5.5 %
Placer
$685,000
$675,000
$667,500
1.5 %
2.6 %
-8.4 %
-6.6 %
Sacramento
$560,000
$555,000
$530,000
0.9 %
5.7 %
-13.1 %
-3.9 %
San Benito
$854,000
$734,950
$750,000
16.2 %
13.9 %
-31.0 %
-35.6 %
San Joaquin
$550,000
$560,000
$530,400
-1.8 %
3.7 %
-8.3 %
2.0 %
Stanislaus
$495,000
$489,500
$460,000
1.1 %
7.6 %
-4.9 %
6.2 %
Tulare
$375,000
$383,640
$375,000
-2.3 %
0.0 %
-17.6 %
-18.5 %
Far North
Butte
$475,900
$442,000
$413,500
7.7 %
15.1 %
-34.7 %
-27.7 %
Lassen
$267,500
$274,500
$261,250
-2.6 %
2.4 %
-12.5 %
-36.4 %
Plumas
$465,000
$529,000
$390,000
-12.1 %
19.2 %
-3.4 %
-15.2 %
Shasta
$396,950
$390,000
$385,000
1.8 %
3.1 %
-6.3 %
-11.9 %
Siskiyou $362,120
$334,500
$289,900
8.3 %
24.9 %
-13.3 %
4.0 %
Tehama
$375,000
$350,000
$362,500
7.1 %
3.4 %
25.0 %
0.0 %
Trinity
$322,100
$360,000
$305,000
-10.5 %
5.6 %
-27.3 %
-38.5 %
Other Calif. Counties Amador
$450,000
$420,000
$470,000
7.1 %
-4.3 %
21.6 %
-25.0 %
Calaveras
$495,000
$471,000
$459,000
5.1 %
7.8 %
-7.0 %
-4.3 %
Del Norte
$350,000
$230,000
$410,000
52.2 %
-14.6 %
15.4 %
-21.1 %
El Dorado
$709,000
$699,000
$700,000
1.4 %
1.3 %
-11.4 %
-20.8 %
Humboldt
$490,620
$450,000
$440,000
9.0 %
11.5 %
-14.6 %
-5.4 %
Lake
$352,500
$351,250
$342,500
0.4 %
2.9 %
-11.1 %
-13.5 %
Mariposa
$374,500
$502,500
$450,000
-25.5 %
-16.8 %
-11.1 %
-5.9 %
Mendocino
$521,690
$477,500
$520,000
9.3 %
0.3 %
4.3 %
11.6 %
Mono
$1,240,000
$812,500
$925,000
52.6 %
34.1 %
-12.5 %
-22.2 %
Nevada
$625,000
$560,000
$573,860
11.6 %
8.9 %
-6.1 %
-25.6 %
Sutter
$500,000
$427,500
$437,000
17.0 %
14.4 %
-22.4 %
-15.1 %
Tuolumne
$439,500
$430,000
$413,000
2.2 %
6.4 %
-14.3 %
-22.9 %
Yolo
$649,500
$653,980
$617,000
-0.7 %
5.3 %
0.0 %
-14.5 %
Yuba
$446,750
$449,950
$445,000
-0.7 %
0.4 %
-25.6 %
1.6 %
r = revised NA = not available June 2024 County Unsold Inventory and Days on Market (Regional and condo sales data not seasonally adjusted) June 2024
Unsold Inventory Index
Median Time on Market
State/Region/County
June
2024
May
2024
June
2023
June
2024
May
2024
June
2023
Calif. Single-family home
3.0
2.6
2.2
18.0
16.0
15.0
Calif. Condo/Townhomes
3.2
2.6
2.1
20.0
19.0
15.0
Los Angeles Metro Area
3.2
2.8
2.2
21.0
21.0
19.0
Central Coast
3.5
3.0
2.5
16.0
15.0
13.0
Central Valley
2.8
2.5
2.2
17.0
15.0
13.0
Far North
5.4
4.3
4.0
24.0
16.0
18.0
Inland Empire
3.7
3.3
2.5
26.5
28.0
23.0
San Francisco Bay Area
2.0
1.9
1.6
14.0
12.0
13.0
Southern California
3.1
2.7
2.2
20.0
19.0
17.0
San Francisco Bay Area
Alameda
1.8
1.6
1.2
12.0
12.0
10.0
Contra Costa
1.8
1.5
1.2
12.5
10.0
9.0
Marin
2.3
2.5
1.6
39.0
47.0
40.0
Napa
5.6
4.9
4.6
52.0
59.0
46.0
San Francisco
1.8
1.9
2.0
34.0
30.5
30.0
San Mateo
1.7
1.8
1.5
11.0
8.0
10.0
Santa Clara
1.5
1.4
1.3
8.0
8.0
8.0
Solano
2.7
3.1
1.8
35.0
35.0
27.0
Sonoma
3.4
3.3
2.7
45.0
44.0
42.0
Southern California
Imperial
2.1
1.7
NA
13.0
12.0
14.0
Los Angeles
3.1
2.7
2.1
19.0
18.5
17.0
Orange 2.5
2.0
1.9
18.0
17.0
17.0
Riverside 3.3
3.1
2.3
27.0
30.0
24.0
San Bernardino
4.2
3.8
2.8
25.0
23.0
21.0
San Diego
2.7
2.4
2.0
14.0
12.0
11.0
Ventura
2.8
2.5
2.1
27.0
26.0
26.0
Central Coast
Monterey
4.3
2.9
2.7
10.5
11.0
11.0
San Luis Obispo
3.1
3.2
2.7
22.0
24.0
20.0
Santa Barbara
3.3
2.8
2.3
13.0
16.0
12.0
Santa Cruz
3.4
3.5
2.4
15.0
13.0
11.0
Central Valley
Fresno
2.9
3.0
2.3
15.0
13.0
13.0
Glenn
5.8
3.4
3.1
23.0
70.5
14.0
Kern
2.3
2.4
2.1
17.0
14.0
13.0
Kings 3.4
2.4
2.0
16.0
13.0
8.0
Madera
5.2
4.3
3.0
32.5
29.5
28.0
Merced
2.4
2.7
2.4
20.0
13.0
13.0
Placer 2.6
2.6
2.2
24.0
17.0
16.0
Sacramento
2.5
2.2
1.9
17.0
15.0
12.0
San Benito
5.0
3.2
2.4
25.0
16.5
12.0
San Joaquin
2.9
2.5
2.2
15.0
11.0
14.0
Stanislaus
2.8
2.5
2.3
15.0
15.5
13.0
Tulare
3.2
1.3
2.4
14.0
15.0
12.0
Far North
Butte 4.2
2.5
2.6
20.0
13.0
14.0
Lassen
9.4
7.9
5.1
45.0
35.0
31.0
Plumas
7.2
6.0
6.0
15.0
17.0
23.0
Shasta
4.1
3.8
3.3
23.0
14.0
16.0
Siskiyou 11.5
8.7
9.6
29.0
20.5
18.0
Tehama
4.8
5.8
4.1
42.0
63.0
45.5
Trinity
14.6
9.8
8.8
232.0
91.5
87.0
Other Calif. Counties Amador
6.7
7.1
3.9
37.0
29.0
20.0
Calaveras
6.1
4.8
3.9
13.0
13.0
46.0
Del Norte
7.4
8.4
4.6
31.0
21.0
31.0
El Dorado 5.3
4.3
3.2
22.0
22.0
14.0
Humboldt
6.9
5.5
5.2
26.5
27.0
15.0
Lake 6.5
5.5
5.2
47.0
55.5
39.5
Mariposa
6.4
5.3
5.9
18.0
22.0
31.0
Mendocino
7.9
7.5
7.6
58.0
70.0
51.0
Mono
4.4
3.8
3.9
66.0
24.5
18.0
Nevada
5.2
4.7
3.5
28.0
30.0
18.0
Sutter
3.5
2.6
2.3
16.0
23.5
16.0
Tuolumne
7.3
5.4
4.0
16.5
19.0
15.0
Yolo
2.5
2.2
1.8
20.0
13.0
12.0
Yuba
4.5
3.3
3.2
26.5
30.0
22.0
r = revised NA = not available View original content to download multimedia:https://www.prnewswire.com/news-releases/high-mortgage-rates-continue-to-hamper-california-home-sales-in-june-car-reports-302199707.html
SOURCE CALIFORNIA ASSOCIATION OF REALTORS® (C.A.R.)

Logistics warehouse operator Prologis said uncertainty around interest rates and the political landscape should be resolved in the coming months, clearing a path for a more constructive 2025. The post Prologis sees improving logistics real estate market in 2025 appeared first on FreightWaves.

U.S. single-family homebuilding fell to an eight-month low in June amid higher mortgage rates, suggesting the housing market was likely a drag on economic growth in the second quarter.

Foreign buyers are facing high prices and tight supply in the housing market, and they’re also up against a strong U.S. dollar.

The number of homes international buyers purchased fell to the lowest level on record in the last year. Find out which markets are still attracting global attention.

Annual inflation in the U.S. dropped to its lowest level in more than three years last month, increasing the odds of a September interest rate cut that would bring relief to mortgage markets.

For many Americans, the dream of being able to purchase real estate in the state of California is out of reach. California routinely ranks within the top five states as one of the most expensive…

This data helps show why the housing market feels so different than it did just a few years ago.

Amount of vacant sublease space doubled since last year, hitting all-time high.

According to new data from Zillow, these are the markets where housing affordability is most out of reach for renters.

The area last month saw listings increase substantially.

The state is seeing some of the hottest price growth in the US

San Diego is known for many things, from its early California history to its seemingly endless coastline. The state’s southernmost county is a famed getaway for tourists and statewide locals alike, the kind of always temperate destination that feels like a special kind of West Coast paradise. But up until relatively recently, all of that splendor has come with a secret: San Diego County remained somewhat affordable for average homeowners — at least by California standards.

Minneapolis and Austin are the models of making housing more affordable.

The cut-price supermarket is planning a 185,000sqft store in South LA at 5035 Coliseum Street on a vacant five-acre lot that used to be a hospital, but that is only part of the development.

A luxurious property in Wine Country has seen a drastic price reduction—a move that reflects the crisis affecting the state’s insurance sector.

Help may not be on the way for first-time homebuyers frustrated by high mortgage rates and even higher home prices.

But property-linked employment of 837,800 in May was 13,000 jobs below the post-2009-employment peak.

Lafayette man cycles through three dozen agents before landing a policy with a $10,000 annual premium.

In a surprising twist, California’s real estate lobby has agreed to stop opposing an affordable housing measure, but there’s a catch.

Will a massive warehouse make or break the small unincorporated community of Bloomington?

Last year’s California homeownership rate was equal to a 40-year average. And the US rate was only slightly better than its norm since 1984.

The investments include providing $100 million through a new fund over the next three years to support affordable housing financing.

When it comes to housing, the U.S. is home to some of the most, and least, affordable markets.

The California Association of Realtors agrees not to oppose a constitutional amendment to reduce the voter approval threshold for housing bonds. In exchange, the measure will not apply to single-family homes. Some housing advocates are angry about the carve-out.

When it comes to housing, the U.S. is home to some of the most, and least, affordable markets.

The June 21 edition of the weekly roundup of real estate news also features MSC Group’s $67 million acquisition of a Miami commercial condominium and US hotel market performance across key metrics for the week ended June 15.

California’s home prices have soared since the pandemic.

Homeownership is becoming less affordable for many due to high mortgage costs and elevated house prices.

Local real estate agents say people from the Bay Area and Southern California are often out-bidding local first-time home buyers and they’re using cash to do so.

California, New Jersey, and Illinois face heightened housing market risks, marked by a concentration of counties vulnerable to market downturns.Identified in a “Special Housing Risk Report” issued by ATTOM on Thursday, the study analyzed data from 590 counties across the U.S. and found wide disparities in housing market stability. Focusing on indicators like home affordability, underwater mortgages, foreclosure rates, and local unemployment, the report aimed to identify how market dynamics in th

Obstacles to building housing have created a homeless crisis in California. Can the “Golden State” find a way to house the people living on its streets?

Five of the top ten relocation routes searched with a leading company in 2024 involved leaving California.

There are unaffordable housing markets, and then there are “impossibly unaffordable” markets, four of which are in California, a recent study said.

California’s six senior-friendly towns offer affordable housing, strong community, and activities, making Southern California an ideal retirement spot.

“How expensive?” tracks measurements of California’s totally unaffordable housing market. The cost of homebuying is so insane that Orange County’s sales are running at the slowest pace in records dating back 37 years. Source: My trusty spreadsheet looked at two-year periods of sales from CoreLogic stats stretching back to 1988 to measure how much the local housing market has chilled. Remember…

Several cities in California saw rent prices fall between 2023 and 2024, mainly due to a drop in demand.

While one expert points to signs of improvement in the housing market, others say more listings and lower interest rates won’t counteract higher home prices.

A proposal to build millions of square feet worth of warehouses near some homes in Riverside is up for vote this week, and some residents are banding together in hopes of preserving the area.

Even as apartments nationally continue to rise, with the national rent index for one and two-bedroom units increasing by 1.2% in May, California’s largest cities are moving in the opposite direction, the California Apartment Association reported. According to Zumper’s National Rent Report, seven out of eleven major California cities reported negative annual rent rates for…

California costs were up 32% – the No. 8 largest gain – to $28,790 – the No. 2 expense.

Baby boomers and millennials are in a face-off over housing, as aging in place conflicts with entry into the housing market.

It probably comes as no surprise that California can be one of the most expensive places in the United States to live. In fact, some cities in the state, such as San Jose and Irvine, are known for…

California experienced a mass exodus as residents left for less expensive states. But many are also moving to surrounding areas.

Manufacturing construction surged to 401.6 million square feet by April, according to the latest CommercialEdge report.

Rents in Los Angeles have dropped 3% over the past year, marking the sharpest decline of any major city in California, according to a new report from the nonprofit news outlet Crosstown L.A. The median rent for a one-bedroom apartment in L.A. is currently $1,872 per month and $2,388 for a two-bedroom apartment, based on […]

In the U.S. on average, rent prices for one- and two-bedrooms increased by 1.2% over the past month -- the first time monthly growth rates have exceeded 1% in the past 20 months, Zumper reported.…

A private planning firm in California is launching a new tool to help municipalities there prepare for more construction of accessory dwelling units.

Government-supported homebuying programs increased their share of mortgage applications.

Accessory Dwelling Units (ADUs) have surged in popularity in California. With the median home price reaching $900,000, both citizens and legislators are seeking alternative housing solutions. A California Department of Finance study reveals that ADUs accounted for 20% of new home construction 2023. This means one in every five homes built in California last year was an ADU, doubling from 2020 when only one in 10 new homes was an ADU. The newfound popularity of ADUs proves that necessity is the m

As rental prices across the United States continue to rise, with the national rent index for one and two-bedroom units increasing by 1.2% in May 2024, California’s largest cities are…

United Wholesale Mortgage announced a 0% down program last month, and since then it’s been all the rage, but people are split: Does it eliminate a barrier or will it launch us into another subprime mortgage crisis?

‘We have the land, the workforce, and the opportunities,’ says Supervisor Armendarez of San Bernardino County

San Francisco was the city with the highest shares of new mortgages going to older millennials last year, according to a Redfin report.

Southern California’s housing market was more productive than most of the country this April. The volume of home sales across the region rose by 11.3% from April 2023, with all six counties posting annual gains, according to CoreLogic’s monthly report.

Two years after the law went into effect, fewer than 500 property owners have sought to subdivide their land, and the number of new homes is only in the dozens.

Two studies suggest that home prices in Southern California are not as overvalued as some U.S. metros

The median home price in the state passed $900,000

“Without the rate cuts, a cold reality is settling down on the housing market,” Robert Frick, corporate economist for Navy Federal Credit Union, said.

Home sales in Southern California and across the state rebounded last month, while the statewide median home price exceeded $900,000 for the first time ever, according to figures released this week by the California Association of Realtors. Unadjusted raw sales increased on a year-over-year basis, with the Central Coast rising the most from a year ago, and Southern California showing sales gains of 8.7 percent from April 2023.…

Home sales in Southern California and across the state rebounded last month, while the statewide median home price exceeded $900,000 for the first time ever, according to figures released Friday by the California Association of Realtors.

Home prices in California reached a new record high in April as sales increased despite elevated mortgage rates and the state’s seemingly insurmountable housing shortage. The median price of a single-family home climbed to $904,210 last month, nearly 6% higher than March and 11% above April 2023, according to data released on Friday by the […]

/PRNewswire/ -- California’s housing market rebounded in April as sales rose on both a monthly and yearly basis, while the statewide median home price exceeded…

Southern California’s ‘last affordable’ region has seen a huge population boom as coastal renters are flocking to snap up cheap homes.

Overall, investors bought 19% of homes that sold in the first quarter—the highest shIare in almost two years.

Sun Life Financial blames falling warehouse rents for lowering values of its Southern California portfolio.

As its revitalization marches forward, the Inland Empire city has added elements to its initial plan and continues to focus on unique concepts.

This California region battles smog, traffic and educational shortfalls in an effort to grow beyond warehouses

The housing market defies expectations! 90% of US metros see price growth despite high rates. Unpacking the trends & top growth cities.

It’s “sad that I’ve lived here for 60 years and [have] to move out of state to be able to retire,” one survey respondent said.

The trend towards smaller homes in expensive markets is nothing new; builders offered smaller homes to house families after both world wars.

Changes to how real estate agents are compensated are expected to come into effect in July, potentially upending the U.S. housing market.

Softer Demand and Rising Vacancy Lead Rents Lower and Concessions Higher

The state had 16% of all US job losses vs. a 14% average share in pre-pandemic 2015-19.

California homeowners are struggling with growing premiums as the state faces an ongoing home insurance crisis.

This is the second year in a row the nation’s most populous state is facing a multibillion-dollar shortfall.

The tide could be turning for Americans looking to buy a home.

Improvement in home prices, interest rates lifts California housing affordability during first-quarter 2024, C.A.R. reports Improvement in home prices, interest rates lifts California housing affordability during first-quarter 2024, C.A.R. reports

The situation is ‘pretty dire’ for younger generations, a chief economist echoed in a separate interview.

Improvement in home prices, interest rates lifts California housing affordability during first-quarter 2024.

Learn the tricks to getting by even when house prices are high.

Home prices trended up in the first quarter of the year in almost all of the 221 U.S. metro areas analyzed by the trade group .

There were 755,900 property-related jobs in Los Angeles, Orange, Riverside and San Bernardino counties in March, according to O.C. Register.

All six Southern California counties saw annual home price gains in March, while sales volume dropped throughout the region.

Home prices, like mortgage rates, continued to defy the odds and rose for the four weeks ending April 28 in

On the brighter side, the report said affordable inventory is on the rise in other parts of the country, especially the South

New research shows that graduates are exiting the Golden State en masse.

Since 2020, the state has 376,000 fewer residents, 433,000 more homes and 25% higher prices and rents.

“I make $90K a year and can’t afford to buy a house. That used to be considered good money.”

News straight outta Inglewood, CA

Memories of top-dollar sales from before the slowdown are keeping sellers and buyers divided.

Some influential figures within California’s legislative body are advocating for the removal of major real estate investors from the state’s single-family neighborhoods.

The California Department of Finance released a population estimate on Tuesday showing the state gained just over 67,000 people in 2023 for a total population of more than 39.1 million. It’s the first population increase since 2019.

Judge sides with five cities who challenged law permitting up to four homes on one lot.

Second-lowest sales for a March since 1988. Only March 2008, amid a global financial collapse, had fewer purchases.

The property game rarely has clear winners and losers

A California home costs 8.4 times income ($765,197 vs. $91,551) compared to 4.7 times nationally – $347,716 price vs. 74,755 income.

A Los Angeles Superior Court judge this week struck down SB 9, a 2021 California law allowing property owners to split their lots and build up to two new homes.

What does it mean to be “middle class” in California? Here’s’ the median income you need to earn.

Insurance has been a glaring mess in California, and it’s really starting to affect the housing market. Today, I want to share some things I’m hearing from the real estate community after asking for feedback on my social channels about home and fire insurance. The goal is to give some perspective and advice to sellers

Allstate Corp. will end its years-long pause on underwriting in California as soon as the state regulator adopts proposed regulatory changes to make it easier for insurers to raise rates, according to a company spokesperson.

First-time homebuyers - the deadline is fast-approaching for California’s high-demand loan program that’s giving away $150,000.

Freddie Mac had drastically reviewed its predictions on the rise of home prices in 2024 and 2025.

Dreaming of a white picket fence? It might only be a dream.

See which California cities sport the highest housing premium

While conditions are challenging overall for new buyers, some parts of the U.S. are more favorable than others. To determine the best places to find a starter home, researchers calculated

California’s crusade to protect tenants in a tight housing market is eroding the property rights of landlords, with potentially devastating consequences.

Across Southern California prices soared more than 10 percent year-over-year, sending sales on the skid.

The spring home-buying season got off to a slow start as the California Association of Realtors reported a drop in the Golden State’s home sales last month.

Rising mortgage rates could have a chilling effect at one of the busiest times of the year for home sales.

California counties where cities are suffering the most include Los Angeles, Orange, and San Diego.

New home construction in the U.S. plunged in March, according to data from the U.S. Census Bureau.

U.S. single-family homebuilding tumbled in March, and while new construction remains underpinned by a severe shortage of previously owned houses for sale, a resurgence in mortgage rates is pushing potential buyers to the sidelines.

Markets absorb ULA and mortgage shocks, boding well for the multifamily investment sector.

Rising home values add suburbs such as San Gabriel, Tustin and Thousand Oaks to the state’s seven-figure list.

Home values in cities in the Golden State keep going up, according to real estate firm Zillow.

Vacancies for industrial buildings in the greater Los Angeles area, the largest market for that property type in the US, have risen to the highest level in a decade.