July 2024 California Housing Market Update
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- เผยแพร่เมื่อ 30 ก.ย. 2024
- “California home sales stalled in May as mortgage rates reached the highest level in five months and may have contributed to the slowdown in [housing] market activity,” according to the California Association of Realtors. Home sales started decreasing in 2022 and have stayed at very low levels since then. In contrast, California’s median sale price in May 2024 reached a new record high, driven in part from a significant rise in sales of higher priced homes and a shortage of more affordable homes for sale in the state.
I share these trends and much more including California’s pending home sales, price reductions, home sales and much more. This is your latest California real estate market update based on a new report from the California Association of Realtors (link below).
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Report I covered in the video:
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To give you a quick mortgage interest rates update, according to the Mortgage News Daily the average 30yr fixed rate mortgage is around 7% for the current mortgage rates (at the time of filming this video for those with excellent credit).
Comment below: what’s your housing market forecast? Do you think a housing crash will happen or are your housing market predictions that the real estate market and home prices will continue to surge?
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Jason Walter, CPA (inactive CPA lic 103885)
Sacramento real estate agent and native (DRE 01923240)
Mortgage Loan Officer, NMLS 2566691
Revest Homes (DRE 02174879, NMLS 2362319)
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Disclaimer:
Jason Walter is not a practicing tax accountant or a licensed attorney or financial adviser. Therefore, the information in these videos shall not be relied upon as tax, legal, or financial advice from a qualified perspective. If you need such advice, please contact a qualified tax accountant, attorney, or financial adviser. We have taken reasonable steps to check that the information in this video is accurate but we cannot represent that it is free from errors. You expressly agree not to rely upon any information contained in this video - it is for entertainment purposes only.
This video description may contain affiliate links that allow you to easily find the items mentioned in my videos as well as support the channel at no cost to you. Thank you for your support! Jason Walter is a licensed real estate agent and mortgage loan originator with Revest Homes in California (DRE 02174879, NMLS 2362319).
For informational purposes only. This is not a commitment to lend or extend credit. Information and/or dates are subject to change without notice. All loans are subject to credit approval. Other restrictions may apply. Equal housing lender.
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I shouldve bought a house in 08 instead of wasting my time in middle school 😅😂
It is a cycle that repeats every decade or so. Home buying opportunities will come again. Just be sure you have the assets to take advantage of the opportunity. Remember it is called a "Window of Opportunity because it opens AND closes"
Slacker
The is totally false. It is not a cycle that repeats. Go look at the all time home price chart. It has only gone down 2 times ever more than a few percent. Stop the lies.
@@davidonewayticket3388 haha dude i just found a home in my area thag sold for 600k in 2008, foreclosed for 400k, now finally listed (and won’t sell) for 940k. so not everyone buying in the past won
I’d imagine in most of the country, if you take out the rich buying houses the rest of the market is seeing price declines.
Exactly this
Yup I remember calling this months ago. The median sales price data is being manipulated to the upside given the majority of transactions are being done in the upper segment of the market.
The increase in sales of very expensive homes is telling. The Washington state auditor just came out with a report that $1.1 billion of COVID funds (mostly fed dollars), were mis-spent or not accounted for. This was unemployment, medicare, jab rollout funds, and business compensation, mainly. I also know that billions were lost in federal small buisness loans that were frauduent. No-bid contracts abounded during the period as well. The CV period was probably the biggest period of governement waste that has ever been seen. All this money ended up in someone's hands (not mine, not in any of my friends). And that money is chasing high-priced items, real estate being one of them. This is killing the housing market for the average person, imo. This country is a mess.
"jab"🤣🤣🤣
I saw it with my own eyes (used to be a teller).PPP loans being forgiven. 800 billion dollars in that alone.
Absolutely 💯
Hey Jason! I noticed you mentioned in the video that the number of homes selling for over a million dollars was due to the rise of the median home sale price. I personally think that its the opposite, I think the median home sale price is being caused by more million dollar plus homes being sold. I think this is an important distinction since I think one suggests ALL home prices are going up and the other suggests that all but the most affluent buyers have dropped out of the market. I think the second is more realistic and supported by the low sales volume.
absolutely true. ppp recipients that own businesses, that didn't slow down at all during covid made millions and i know some bought homes with cash, and of course they are $1m+ homes in wealthy Beach areas.
@@WelcomeIncorporated bettwe? BETTWE? 😂🤣
I’m in escrow for a 540,000 Natomas Home and TBH I happy. I can make the payment, had no competition, it was just 1,000 more than what I was paying for rent for triple the space. Even if things go down I have a great home in a great location that I can afford. I think it’s all case by case for people.
I'm from the Bay area so to me that sacramento market is still affordable in my eyes and Natomas is probably the best area in sacramento
There are some houses in certain cities CA for million dollars and it’s in the ghetto. No thanks I’ll pass. I looked at my job in California and the state I live in it pretty much pays the same where I can get a house for $400,000 and it’s really nice and in a safe neighborhood
True. But also true is that if you buy a $1M in Cali, it will be likely worth $2M in 2035. Then you can move to your state and buy the block of homes etc...Cali is just crazy.
@@wreckim And Prop 13 will hold the buyer's property tax increase to a max of 2% or the purchase price/year. We have a house in Texas and have seen over $10K tax increase in one year.
California is an absolute rip off. If never suggest anyone moving here. Don't listen to these people.
@@JBoy340a Yeah that's crazy my house is worth twice as much as my dad's in Texas but he pays nearly four times as much in property taxes because he get reassessed and I don't. Even with my state income tax I have to pay, he's still paying more.
We just picked up a five bedroom 4 bath home in Plumas Lake for 514k
Seems like Ca has no inventory states like texas and Florida has tons of inventory Ca is like New york a rat race dream with those rates and home prices😂
Zoning and permitting costs in CA make new housing very expensive to build. This keeps a cap on inventory vs. TX where overbuilding is easy.
Texas has tons of unsold inventory for both new and existing homes.
Explain why when I go on Zillow I see tons of available places both for rent and for sale. Just the prices are too high.
@CaptureCat88 supply vs demand supply is no where near those of TX or FL I bet that and your squatter rules Newsom has made doesn't help too scary being a landlord in Communist CA lol
This should be a good video!🙌👍 Checking in from Santa Cruz ca🤙
Hope you enjoy! I went to UCSC and lived in SC for a couple years after graduating. Beautiful area.
Going to be interesting to see sales drop off even more b c the buyers agent change
IMO that shouldn’t impact sales or the market in general.
That was supposed to make it cheaper to buy a home. It won't. The more things change, the more they stay the same, kind of thing.
You have record high selling prices because California still lacks inventory. Supply and demand. Where I live (Napa Valley) there isn’t much to choose from if you’re looking to buy.
This analysis would be interesting to see by california counties.
Stay tuned likely later this week for CA county update.
Mahalo good morning 🌴🤙🏽🍍👍🏽🇺🇸
Good morning!
Thank you! The local videos are the best
Glad you like them!
Where is this crash in prices I keep hearing certain TH-cam’s preach about on a daily basis??
Texas and Florida.
@@seestuff09 agree, but these people have been talking about a 20%-30% crash for the last 4 years. Good thing I care about neither of those states.
Austin
@@SunZuu1 o it’s coming. I think a lot of people heard house crash and assumed I was supposed to happen like a stock market crash. Many people saying it’s going to crash at the beginning were describing what will happen if the fed continued on its path. Now it’s going to happen in some areas no matter what. Fed screwed up and there’s no saving it. Texas and Florida led the way but 22 states are now in recession. It’ll make national news probably around Q4
Migration states.
The median home price in the next community over just hit $1.5 according to Realtor. It is strange to see such disparity with a few homes around $600,000 and many in the 1.5 to 3 million dollar range. The question in our area is, will they sell? If so, it is likely from transplants as our median income in our area was in the $80,000s at 2020 census.
Great insights! It's essential to stay updated with these trends, especially for making informed real estate decisions. Thanks for sharing!
been trying to buy a house with my wife east of LA area for the past like 5 years, every year its like we just need to save a little more, and the prices go up a little more. were so depressed. we hate our living situation, and we feel like we'll never get a house or if we do it'll be such a ridiculous hit to our savings. nothing below 900k is even decent, and if I'm being honest most of the houses I truly want are up over 1.1. i wish i was more succesful. I don't think we'll ever even consider kids. we only have a few years left but we cant even afford a home.
After 30+ years of living in Cali, I think is time to go.
I didnt even know there were below 500k homes in socal lol
Could you please look at CT home prices?
Do you think Marion county Florida will crash ty
Only way california house prices will get fix is by going into another great depression. 1 million house in the ghetto....yea that seems normal
Latest Report: Crash is Not Here Yet
Happy Nerdy Monday Jason, by my dumb math😂🤣😂
Happy Monday Steve!
With the average home being 900k this million dollar home thing doesn’t make as much sense as other states. Yes in Texas or Tennessee it makes a lot of sense but a 500k home in ca is like 45% below average.
You can spend $1M in Texas pretty easily for a normal tract home in a good neighborhood.
You can spend 1 million anywhere but Texas is 100% cheaper a wage price then ca lol. Texas insecurity
Average home in Texas is 330k or so depending on the date and site. Average home in ca is 900k+. Really not the same at all dude.
We will never ever see affordable housing in California ever again. 😂
If they would vote republican for 10 years it would be. The regulations laws and nimby in California is insane. They want to build an entire city in solona and everyone is against it lol.
California hasn't been affordable since 2008-2010. Our population keeps growing and costs and regulations stifle home building. If the population shrank (repatriation), we might see some easing. It truly has become a state of haves and have nots...
It will drop once all the baby boomers are forced to sell or pass away. Boomers own over 50% of real estate in California. Expect changes in 8-10 years.
@eurekahope5310 1990s 1997 and BEFORE if the thinking is traditional down payment and higher interest rate rules
Can you cover Phoenix, Az?
Supply and demand. People are still buying homes and able to afford it.
Pricess will come down again. When people do not have jobs and there is no one to buy these homes, the economic forces will warrant prices to drop. It simply is not sustainable.
🙄
Ive been hearing that since the pandemic started
@@TarmacSkin Be patient. Look behind the scenes. All the big boys are unloading and selling everything. They always have us holding the bag. It's coming. Go visit a car lot who's buying? We are in it. It takes time to unravel.
@@Zulu345unfortunately, you are incorrect. Home prices won't decrease overall. Some asset prices have dislocated from the general economy and it's not likely to snap back.
@@s.gharavi1614 Well we agree to disagree. It by no means makes me wrong. The prices are just not sustainable. Warren Buffett has all his money in cash right now. All the big boys see it. It is the unsophisticated consumer who always sees it last.
1😊
Boom!
Thanks for the great analysis. The obscene inflation of housing prices began when the FED lowered the rates to low for too long. It will take not lowering interest rates to let this dust settle. It will take another year we believe.