Is California Real Estate Poised For A Comeback?

[Ken and Ari Walker]

According to the California Association of Realtors (C.A.R.), the housing market appears to be poised for a comeback in 2024. Here are some of their key projections for this year: 

Positive Outlook: Sales and Prices 

• The forecast predicts a substantial jump of 22% in existing single-family home sales compared to 2023. 
• This translates to an estimated 327,100 units sold in 2024 compared to 266,200 units sold in 2023. 
• California’s median home price is anticipated to climb by 6.2% to $860,300 in 2024. (This prediction was borne out in April when the median home price rose to $904,210.) 

Driving Forces Behind the Rebound 

• The forecast hinges on a decrease in mortgage rates due to slower economic growth and cooling inflation. 
• This creates a more buyer-friendly environment, stimulating housing demand. 
• While housing supply is expected to remain below typical levels, the slight increase in active listings could offer some relief. 

The C.A.R.’s forecast paints a promising picture of the California housing market in 2024. However, it’s important to note that these are projections. As the year unfolds, actual market performance will provide a clearer picture of these predictions’ accuracy. Regardless, these insights are valuable to both buyers, sellers, and investors while we all navigate the market this year. 

Best,  

Ken & Ari Walker - Your Direct Private Money Source  

Husband & Wife Team  

Phone: [phone] / Office: 1400 N. Dutton Ave #22 Santa Rosa, CA 95401 
Ken: CA DRE Broker #01858042 / NMLS #1221130 
Ari: CA DRE #01858152 / NMLS #2170867 

Bio: Ken & Ari are a husband & wife team with over 30 years of combined real estate and private money lending experience.   They like working with buyers & borrowers, as well as directly with other licensed individuals who have clients in need of fast & alternative financing, and who can benefit from Private Money mortgages. (Qualify for our financing despite DTI ratios, credit score, property condition, difficult to prove income, etc. on purchases and refinances for owner occupied & investment properties.)