{"id":2078881,"date":"2023-10-25T10:55:01","date_gmt":"2023-10-25T14:55:01","guid":{"rendered":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/californias-home-prices-expected-to-rise-6-2-percent-in-2024-report\/"},"modified":"2023-10-25T10:59:10","modified_gmt":"2023-10-25T14:59:10","slug":"californias-home-prices-expected-to-rise-6-2-percent-in-2024-report","status":"publish","type":"post","link":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/californias-home-prices-expected-to-rise-6-2-percent-in-2024-report\/","title":{"rendered":"Report: California home prices to increase by 6.2% in 2024."},"content":{"rendered":"<aside class=\"mashsb-container mashsb-main mashsb-stretched\"><div class=\"mashsb-box\"><div class=\"mashsb-count mash-medium\" style=\"float:left\"><div class=\"counts mashsbcount\">20<\/div><span class=\"mashsb-sharetext\">SHARES<\/span><\/div><div class=\"mashsb-buttons\"><a class=\"mashicon-facebook mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/www.facebook.com\/sharer.php?u=https%3A%2F%2Fwww.conservativenewsdaily.net%2Fbreaking-news%2Fcalifornias-home-prices-expected-to-rise-6-2-percent-in-2024-report%2F\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Facebook<\/span><\/a><a class=\"mashicon-twitter mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/twitter.com\/intent\/tweet?text=&amp;url=https:\/\/www.conservativenewsdaily.net\/breaking-news\/?p=2078881&amp;via=ConservNewsDly\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Twitter<\/span><\/a><a class=\"mashicon-subscribe mash-medium mash-nomargin mashsb-noshadow\" href=\"#\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Subscribe<\/span><\/a><div class=\"onoffswitch2 mash-medium mashsb-noshadow\" style=\"display:none\"><\/div><\/div>\n            <\/div>\n                <div style=\"clear:both\"><\/div><\/aside>\n            <!-- Share buttons by mashshare.net - Version: 4.0.47--><blockquote>\n<div data-post-content=\"true\" class=\"post_content\" id=\"post_content\">\n<p>California housing prices are\u200d projected to surge by 6.2 percent in the coming year,\u200c driven by \u200da cooling \u2064inflation rate and a drop in <a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/saturday-december-4th-2021\/\" title=\"Saturday | December 4th, 2021\">mortgage interest rates<\/a>, according to the latest report \u200dby the California Association of Realtors.<\/p>\n<p>But \u2064that&#8217;s not\u200d all. The\u200b association also predicts a whopping 30 percent increase in <a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/the-housing-marketplace-faces-an-inflection-stage-home-builder-self-confidence-weakens-for-fourth-directly-month\/\" title=\"\u2018The HOUSING MARKETPLACE Faces an Inflection Stage\u2019: Home Builder Self-confidence Weakens for Fourth Directly Month\">single-family home sales<\/a> in \u200c2024, despite the price\u200d hikes.<\/p>\n<p>With over 185,000 members, the California Association of Realtors expects a total of 317,100 homes\u200d to be \u2064sold in\u2064 2024, marking a\u2062 significant 23 percent rise from the\u2064 previous year. \u2063The average home price is\u2062 also expected \u2063to reach a staggering\u200c $860,300.<\/p>\n<div class=\"shortcode\"><!--$--><\/p>\n<div class=\"border-comp-divider mb-4 mr-4 w-full max-w-[500px] border px-5 py-4 text-[16px] leading-[20px] text-[#262626] md:float-left\" id=\"in_article_related_stories\">\n<h2 class=\"mb-3 font-sans text-[16px] font-semibold uppercase leading-[19px] text-[#2F2F2F]\">Related Stories<\/h2>\n<div class=\"mb-4 flex gap-2\">\n<div class=\"grow\">\n<div class=\"mb-1 line-clamp-4 sm:line-clamp-3\">\n<a href=\"http:\/\/www.theepochtimes.com\/epochtv\/california-housing-affordability-hits-16-year-low-increase-in-single-family-home-prices-5486189?ea_src=author_manual&#038;ea_med=related_stories\"><\/p>\n<h3 class=\"text-sm sm:text-base\">California Housing Affordability Hits 16-Year Low, Increase In Single-Family \u200dHome Prices<\/h3>\n<p><\/a>\n<\/div>\n<div class=\"text-comp-caption text-[14px] leading-[18px]\">9\/4\/2023<\/div>\n<\/div>\n<div class=\"shrink-0 basis-[70px] sm:basis-[120px]\">\n<a href=\"http:\/\/www.theepochtimes.com\/epochtv\/california-housing-affordability-hits-16-year-low-increase-in-single-family-home-prices-5486189?ea_src=author_manual&#038;ea_med=related_stories\">\n<picture><source type=\"image\/webp\" https:><\/source><source type=\"image\/jpeg\" https:><\/source>\n<\/picture>\n<\/a>\n<\/div>\n<\/div>\n<div class=\"mb-4 flex gap-2\">\n<div class=\"grow\">\n<div class=\"mb-1 line-clamp-4 sm:line-clamp-3\">\n<a href=\"http:\/\/www.theepochtimes.com\/us\/home-prices-down-nearly-17-percent-in-san-francisco-erasing-more-than-330-billion-in-value-5350919?ea_src=author_manual&#038;ea_med=related_stories\"><\/p>\n<h3 class=\"text-sm sm:text-base\">Home Prices\u200d Down 17 Percent in\u200b San Francisco, Erasing More Than \u2064$330 Billion in \u2063Value<\/h3>\n<p><\/a>\n<\/div>\n<div class=\"text-comp-caption text-[14px] leading-[18px]\">6\/22\/2023<\/div>\n<\/div>\n<div class=\"shrink-0 basis-[70px] sm:basis-[120px]\">\n<a href=\"http:\/\/www.theepochtimes.com\/us\/home-prices-down-nearly-17-percent-in-san-francisco-erasing-more-than-330-billion-in-value-5350919?ea_src=author_manual&#038;ea_med=related_stories\">\n<picture><source type=\"image\/webp\" https:><\/source><source type=\"image\/jpeg\" https:><\/source>\n<\/picture>\n<\/a>\n<\/div>\n<\/div>\n<\/div>\n<p><!--\/$-->\n<\/div>\n<p>According to Jennifer Branchini, the President of the California Association of Realtors, &#8220;2024 will be \u2063a better year\u2064 for the California housing market for both buyers and\u200d sellers \u200bas \u2064mortgage interest rates are expected to decline next\u200b year.&#8221;\u200c She further added, &#8220;A more favorable market environment with lower borrowing costs, coupled with an \u200bincrease in available homes for sale will motivate\u2064 buyers and sellers to re-enter the market next\u2063 year.&#8221;<\/p>\n<p>The association also\u2064 anticipates a surge in first-time home buyers who were \u200bpreviously unable to\u200b afford the highly competitive market\u2062 in recent years.<\/p>\n<p>Furthermore, repeat \u200dbuyers are expected to \u2063make a comeback as mortgage rates begin to drop, as stated by the association.<\/p>\n<div class=\"post-figure\">\n<figure style=\"width:600px\" class=\"alignnone\"><figcaption>  Homes await buyers in the city of Irvine, Calif., on \u200cSept. 21, 2020. (John Fredricks\/The Epoch Times)<\/figcaption><\/figure>\n<\/div>\n<p>In addition to\u200d the housing \u2063market forecast, the association\u200c predicts a slower growth rate of \u200d0.7 percent in the <a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/exclusive-house-republicans-introduce-bill-to-better-measure-federal-debt\/\" title=\"EXCLUSIVE: House Republicans Introduce Bill To Better Measure Federal Debt\">national gross domestic product<\/a> (GDP) for the \u2063upcoming year.<\/p>\n<p>While \u200dthe association\u200b expects a 1.7 percent increase in GDP for 2023, the Congressional Budget Office forecasts a real GDP growth rate of \u200bonly 0.1 percent for this year, after adjusting for inflation.<\/p>\n<div class=\"my-5\">As inflation declines over the next 18 months, the interest rate on an average 30-year, fixed-rate \u2062mortgage is projected to drop from the \u200bcurrent 6.7\u2062 percent to 6 percent in 2024, according to\u2062 the association&#8217;s report. <\/p>\n<h2>National Sales Growth Predicted<\/h2>\n<p> In March, a panel of experts at Zillow, a national real estate company,\u200c also predicted a steady\u200b growth in national home prices starting next year, following a bottoming out\u200c in 2023.<\/p><\/div>\n<p>According to Zillow&#8217;s panel of 117 housing market experts \u200band economists, home prices are expected \u2063to decline by 1.6 percent\u200c until December 2023 due \u2064to <a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/californias-home-prices-expected-to-rise-6-2-percent-in-2024-report\/\" title=\"Report: California home prices to increase by 6.2% in 2024.\">higher mortgage rates dampening\u2063 buyer enthusiasm<\/a>.<\/p>\n<p>However, starting from next \u200dyear, the panel foresees \u200ca gradual\u200c recovery with an average annual price increase of 3.5 percent until \u20632027. This growth rate matches \u2062the stable\u2062 period from 1987 to 1999, before the housing \u2064boom \u2063and bust cycle of the \u200b2000s.<\/p>\n<p>&#8220;The housing market \u2063is\u200c resetting,&#8221; said Jeff Tucker, senior economist at Zillow. &#8220;The sheer number of people \u2064in the first-time\u200b homebuyers\u200c age range and a lack of inventory \u200bshould limit price declines. A return to more \u2062normal growth would be welcome after the rollercoaster ride\u200b that home prices have been on lately.&#8221;<\/p>\n<\/div>\n<\/blockquote>\n<p> <\/p>\n<h2> How can potential buyers take advantage of lower mortgage rates and increased inventory in the 2024 housing market comeback?<\/h2>\n<p><span>  \u2064 Comeback in \u20622024, taking advantage of the lower \u200cmortgage rates and increased \u200binventory. With more \u200coptions available, buyers will have\u200b a better \u2062chance of finding their dream homes without\u200b facing bidding wars and skyrocketing prices.<\/p>\n<p>On the \u200dother hand, sellers will benefit from the higher demand and increased competition among buyers. This could lead to quicker sales and potentially \u200dhigher offers as\u2062 buyers strive to\u200d secure a property in\u2062 the face of rising \u2063prices.<\/p>\n<p>However, despite the positive outlook for the California housing market in 2024, there are still concerns regarding affordability. The significant increase in home \u200dprices could potentially make it even more challenging\u200d for first-time buyers to enter the market. Additionally, the supply shortage\u200d in \u2063certain areas of the state might persist,\u200d limiting the options for buyers.<\/p>\n<p>To address these concerns, it \u200dis crucial for policymakers and \u2063stakeholders to focus on strategies that promote affordable housing and increase supply.\u200d This may involve incentivizing \u2063developers \u200dto build more affordable housing units and implementing policies that protect tenants \u200dfrom \u200dexcessive rent hikes.<\/p>\n<p>Overall, the projected surge in\u2064 California housing prices and home sales in 2024 signifies \u200bgrowth and recovery in the market. However, it is essential to ensure that this growth is inclusive and sustainable, allowing both buyers and sellers to benefit from \u2064a \u200dhealthy\u2062 and \u200dbalanced real estate sector.<\/p>\n<p>In conclusion, the\u2063 California housing market is expected \u200bto experience a 6.2 percent increase in prices and\u200b a 30 percent increase in single-family home sales in 2024. This growth \u2064is driven \u2064by factors such as a cooling inflation rate and\u200c declining mortgage interest rates. While the market outlook is positive, there are concerns about affordability and supply shortages. It is imperative\u200d for stakeholders to prioritize strategies that promote affordability and increase housing \u2063supply to ensure a sustainable and inclusive market for all.<\/p>\n<\/div>\n<\/blockquote>\n","protected":false},"excerpt":{"rendered":"<p>The California Association of Realtors predicts a 6.2% increase in housing prices next year due to lower mortgage rates and reduced inflation. Despite the price hike, the association anticipates a significant rise of almost 30% in single-family home sales by 2024. This statewide real estate trade group released the findings in their latest report.<\/p>\n","protected":false},"author":242,"featured_media":2078882,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_mo_disable_npp":"","fifu_image_url":"https:\/\/cndimages.nyc3.digitaloceanspaces.com\/breaking-news\/wp-content\/uploads\/2021\/01\/IMG_2758-scaled-1.jpg","fifu_image_alt":"","footnotes":""},"categories":[543],"tags":[],"class_list":["post-2078881","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-the-epoch-times"],"fifu_image_url":"https:\/\/cndimages.nyc3.digitaloceanspaces.com\/breaking-news\/wp-content\/uploads\/2021\/01\/IMG_2758-scaled-1.jpg","_links":{"self":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/2078881","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/users\/242"}],"replies":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/comments?post=2078881"}],"version-history":[{"count":0,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/2078881\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media\/2078882"}],"wp:attachment":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media?parent=2078881"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/categories?post=2078881"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/tags?post=2078881"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}