What We Can Expect in 2024
California Association of Realtors (CAR) just released their 2024 California Housing Forecast.
They predict:
- The housing market will rebound in 2024 as mortgage rates ebb
- Existing single family home sales to increase 22.9 percent in 2024 over 2023
- Median home prices to climb 6.2% in 2024
Please keep in mind that normally sellers don’t sell because of market conditions, but instead for very personal reasons-job and family changes, marriage, health, housing needs due to family size and structure. During the past year because of the dramatic change in interest rates, many sellers forestalled their “normal” moves.
CAR predicts that this has created a substantial decrease in properties coming on the market and a backlog of sellers who will need to sell in the near future. In 2024, it is expected that interest rates will moderate and help increase activity. Further, sellers will begin to accept the “new normal” (I remember when I bought my first California home in 1973 the interest rate on my loan was over 9%, which I accepted as “normal”).
These factors are expected to lead to the CAR predictions for 2024.
As always, please feel free to contact us at 949-500-6365 or Frank@FrankDiLauro.com to discuss your personal real estate situation.
