The California real estate market is relatively healthy right now, especially in certain areas.In fact, many of the hottest housing markets for in the country for 2024 are in California, like the San Diego and Los Angeles areas.
Mortgage rates have been high over recent years, but they have recently capped and are starting on a declining trend. This will have an impact on the housing markets across California in 2024.
Property Values Increased
Average home values in California increased by 2.3% over the past year.
Home Prices Up
California’s average home currently sits at $746,055, according to Zillow.
Housing Inventory Still Tight
The supply of homes available for sale is very tight across California. There is currently only a 2-month supply of properties listed on the market to meet the current buyer demand.
Number of Homes Sold in California Decreased
The number of homes sold in California decreased 6.6% year-over-year.
Days on the Market
According to RedFin, listings spend an average of 31 days on the market before selling.
30-Year Fixed-Rate Mortgage Rate Increased
According to Freddie Mac, current mortgage interest rates in California are 6.41% for a 30-year fixed-rate mortgage, 5.71% for a 15-year fixed-rate mortgage, and 6.72% for a 5/1 adjustable-rate mortgage (ARM).
Number of Homes Sold in Los Angeles Decreased
The number of homes sold in Los Angeles decreased by 8.6% year-over-year.
Los Angeles’s Home Prices Increased
According to Zillow, home prices in Los Angeles increased by 2.7% to $920,605 over the past 12 months.
San Diego Home Prices Jumped
San Diego had a very healthy 2023 as home prices increased by 6%. According to Zillow, home prices in San Diego are $961,892.
Cool Housing Market in San Francisco
San Francisco saw a 6.4% decrease in home prices this year, which now sits at $1,234,246.
If you have questions about home loans in California, we’re happy to help. Sammamish Mortgage is a mortgage firm that has been helping homebuyers and homeowners since 1992. Our experts will walk you through our mortgage programs to see which one is best suited for you. Contact us today with any questions you have about home loans in California.
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