California's housing market is expected to face ongoing challenges as it transitions into 2024. A persistent inventory shortage and rising mortgage rates have dampened existing home sales, but a strong job market has prevented significant price drops. The California Association of Realtors predicts a 6.2% increase in median home prices to $860,300 in 2024. Mortgage rates are anticipated to decline, potentially reigniting buyer demand. Emerging trends include the rise of iBuyers, shifting demographics, and technological innovations, while regulatory changes may impact the market further.
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