Housing outlook: Why 2024 will be a better market for both sellers and buyers

The California Association of Realtors is predicting that single-family home sales will increase by 22.9% in 2024, with the sale of 327,100 homes statewide. Jordan Levine, the group's senior vice president and chief economist, said slower economic growth and cooling inflation will bring down mortgage interest rates, which will spur home sales and create a better housing market for both buyers and sellers. The association also forecasts California's median home price to reach $860,300, a 6.2% increase from 2023. The average 30-year, fixed mortgage interest rate is expected to see a slight decline to 6%, still higher