The national real estate market is currently in a bit of a transitional phase. Here’s a breakdown of some key trends:
Prices: Home prices are still rising, but the rate of increase may be slowing down. Nationally, the median sales price reached $379,100 in January 2024, which is up from a year ago, but the number of sales is down slightly.
Inventory: There’s a little more inventory available compared to the peak frenzy of the past few years. This could be a good sign for buyers who may have more options and less competition.
Interest rates: Mortgage rates are a significant factor affecting affordability. Rates are higher than they were a year ago, but they have come down a bit from the highs of late 2023.
Overall: The market is still favoring sellers in many areas, but it’s becoming less frenzied and more balanced.
California Market:
California is a unique market with its own set of dynamics. Here are some additional points to consider:
- Inventory remains tight, though there’s a slight increase compared to last year.
- Despite an exodus of some residents, California’s strong job market and desirable lifestyle continue to attract buyers.
Resources:
- To learn more about the national market, you can check out resources from the National Association of Realtors [NAR]: [NAR website ON National Association of Realtors nar.realtor]
- For California specific data, Redfin and CAR (California Association of Realtors) are good resources: Redfin California: https://www.redfin.com/state/California/housing-market / California Association of Realtors website: https://www.car.org/