This post offers a Market Overview for Santa Barbara and California. A micro and macro look at what’s driving the real estate market locally, statewide, and nationally.
May 20, 2024 – Mortgage rates moderated further last week before inching up in the past couple of days, as the latest economic reports suggest that consumer inflation resumed its downward trend, while retail spending cooled more than expected. It will take more than just a couple of reports to justify rate cuts for the Fed, but the new numbers offer hope that the central bank could still lower rates in their upcoming July or September meeting.
The California real estate market kicked off the spring homebuying season with an encouraging start. April home sales at the state level improved moderately from last month and were up from the same month of last year, while the statewide median price soared to the highest level on record. Housing supply continued to improve, with new active listings surging by double-digits from a year ago for the fourth consecutive month. Source: California Association of Realtors.
MARKET TRENDS: SANTA BARBARA HOME SALES UP IN APRIL
MARKET TRENDS NATIONALLY
HOME SALES STATISTICS FOR SOUTHERN SANTA BARBARA – APRIL 2024
2024 YEAR TO DATE STATISTICS FOR SOUTHERN SANTA BARBARA
SINGLE FAMILY DETACHED AND CONDOMINIUM 9-YEAR PRICE TRENDS
