Thursday, August 15, 2024 / by Bob Cowan
In June, home sales in California remained flat for the second month in a row, according to the California Association of Realtors® (C.A.R.). The seasonally adjusted annualized rate of existing single-family home sales was 270,200, a 0.8 percent drop from May's revised figure of 272,410. Compared to June 2023, sales fell by 2.7 percent from 277,690 homes sold.
Sales have stayed below the 300,000 mark for 21 months. Year-to-date, statewide home sales have decreased by 0.5 percent compared to the previous year. This stagnation is primarily due to high mortgage rates exceeding 7 percent during most of May, when many sales were initiated.
Current Trends in the California Housing Market (2024)
California Home Prices
In June, the statewide median home price slightly fell by 0.8 percent from May's $908,040 to $900,720. However, compared to June 2023, this price represents a 7.5 percent increase from $837,850. This marks the 12th consecutive month of annua ...
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bob cowan, platinum living realty, california, southern california, august 2024
Thursday, August 15, 2024 / by Bob Cowan
Realtor.com’s 2024 Midyear National Housing & Economic Forecast offers intriguing insights into the housing market for the remainder of the year. Here’s a summary of the key points and their implications for buyers, sellers, and the broader economy.
2024 Midyear Housing Market Forecast: Essential Insights
Mortgage Rates: A Slight Improvement
Concerns about a potential recession seem to be easing as the economy shows resilience, leading to a slight adjustment in mortgage rate forecasts. The average mortgage rate for 2024 is now projected to be 6.7%, down from the earlier forecast of 6.8%. By the end of the year, rates are expected to drop further to around 6.3%.
What’s causing this dip? Anticipations that the Federal Reserve might begin lowering its Federal Funds rate in 2024, which typically leads to lower mortgage rates.
What does this mean for you? If you’re considering buying a home, this could be a positive development as we move toward e ...
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bob cowan, platinum living realty, california, august 2024
Wednesday, August 14, 2024 / by Bob Cowan
California Rental Market
Last updated August 12, 2024
Source: Zillow Rentals Data
Market Summary
The median rent for all bedrooms and all property types in California is $2,850.
Median Rent
$2,850
Month-Over-Month Change
+$0
Year-Over-Year Change
-$100
Available Rentals
73,218
Median Rental Price over Time
In the last year, rent has decreased by $100 compared to the previous year.
JanFebMarAprMayJunJulAugSepOctNovDec$2,730$2,800$2,870$2,940$3,010
• This year (2024) • Last year (2023)
Price Range
The price range for all bedrooms and all property types is $200 to $350,000.
$500$900$1,400$2,000$2,600$3,200$3,800$4,400$5,000+030006000900012000
• Rental Properties
Frequently Asked Questions
1. What is the average rent in California?
The median rent in California is $2,850.
2. How me ...
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bob cowan, platinum living realty, california, orange county, southern california, august 2024
Wednesday, August 7, 2024 / by Bob Cowan
In the digital era, technology has revolutionized numerous industries, and real estate is no exception. Companies such as Zillow and Redfin promised to transform the process of buying and selling homes by making it more streamlined and efficient. However, the outcomes haven't always met expectations. This article examines how tech companies can fall short in real estate and highlights the ongoing importance of local agents.
The Issues with Data and Oversight – The Kansas City Example
Consider discovering your million-dollar home listed for just $10,000. This was the reality for Jamey and Lauren Bertram in Kansas City when their property was compromised on Zillow. The hackers created a fraudulent listing with an unrealistic price and description, causing significant distress. Friends alerted them to the fake “for sale by owner” ad, and soon, people were showing up at their home, eager to purchase at the misleading price.
Zillow's Reaction
When the Bertr ...
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bob cowan, platinum living realty, california, orange county, august 2024
Wednesday, July 31, 2024 / by Bob Cowan
From May 2024 with Projections Through May 2025
Nationwide home prices, including distressed sales, saw a 4.9% increase in May 2024 compared to May 2023. On a monthly basis, prices rose by 0.6% in May 2024 compared to April 2024. CoreLogic updates these figures with newly available public data to maintain accuracy.
National Price Forecast
According to the CoreLogic HPI Forecast, home prices are expected to increase by 0.7% from May 2024 to June 2024 and rise by 3% year-over-year from May 2024 to May 2025.
Chart 1: Current month-over-month and year-over year U.S. home price growth and projections through May 2025
Detached Home Price Increases Continue to Surpass Attached Homes
In May, U.S. home price gains year-over-year eased slightly to 4.9%, marking the 148th consecutive month of annual growth. The Northeast maintained its lead in annual appreciation, with New Hampshire being the sole state to report a double-digit increase. The disparity in price growth between detached. ...
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bob cowan, platinum living realty, august 2024