California Association of Realtors 2024 Housing Market Forecast:

This past month the California Association of Realtors(C.A.R) announced their forecast for the 2024 California housing market and it was good news for homeowners and those looking to purchase in the coming year. To start things off they announced that they're projecting a 22.9% increase in existing, single-family home sales(up to 327,100 units from 2023's projected pace of 266,200). They also forecast California's median home price to rise another 6.2% in 2024, following a projected 1.5% decrease in 2023. One other highlight was that they expect housing affordability to remain flat year over year. 

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Here is what C.A.R. President Jennifer Branchini had to say: "2024 will be a better year for the California housing market for both buyers and sellers as mortgage interest rates are expected to decline next year." She would go on to add: "A more favorable market envirnoment with lower borrowing costs, coupled with an increase in available homes for sale, will motivate buyers and sellers to reenter the market next year. First-time home buyers who were squeezed out by the highly competitive market in the last couple of years will try to attain their American dream next year." 

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We highly recommend checking out the full news release here. Stay tuned for more updates on the Sacramento real estate market and reach out today with any of your real estate-related questions or needs! 

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Fernando Mota

Fernando@TheMotaTeam.com

(916)494-9543

www.TheMotaTeam.com