Despite a recent uptick in mortgage rates, the California’s housing market continued to demonstrate resilience in February, reaching sales levels not seen since September 2022, according to the California Association of Realtors on March 19, 2024.
February’s sales pace jumped 12.8 percent higher from the revised 257,040 homes sold in January and rose 1.3 percent from a year ago, when a revised 286,290 homes were sold on an annualized basis. The monthly sales increase was the second straight month of double-digit gains for California. It was also the second consecutive month of year-over-year gains, but the improvement was mild. The sales pace remained below the 300,000 threshold for the 17th consecutive month. While it is likely that sales will stay below this level in the first quarter of 2024, statewide home sales on a year-to-date basis remained positive with an increase of 3.4 percent, suggesting a better spring home buying season than that experienced last year.
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Is this the year frustrated buyers will finally have the opportunity to buy or will rising home prices leave them all behind? Realtors, investors, home buyers, and renters across California continue to wait in limbo for the 2024 California housing market to unfold. Is this spring the “inflection point” the media has touted for the real estate market?
Mortgage Rates have fallen below October’s levels and will likely fall further as the year progresses. Even though that’s good news without knowing how the FED will react it’s difficult for Sellers and Buyers to know what to do.
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Will things change this year? There are signs that the real estate market will be improving. Mortgage rates have dropped to around 6.6%
Recently CAR reported that Americans are feeling more confident about the housing market at the beginning of 2024 as buyers and sellers are seeing a glimpse of hope at the far end of the tunnel. While rates had a slight uptick in the first week of the year, easing inflationary pressure and a soft economic outlook prompted many to believe that mortgage rates will decline in the next 12 months.
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106 Homes sold in August 2023 down from 133 homes sold this time last year. Low inventory continues to drive sales. 40% of homes sold in southern Santa Barbara were “all cash.” Although the market has softened slightly here in September there’s a strong possibility that the market will pick up as we head into October and November.
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