Author: admin
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California’s Million-Dollar Metro Reign
The share of million-dollar homes is growing across the nation's largest metros. San Jose, CA Avg home value: : $1.2M San Francisco Avg home value: $1M
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A Look on California’s Rental Market Trends
California renters experienced a drop in rents for the first time in 24 months. Rents statewide averaged $1,946 in May, ↓ 0.7%yearly. Vacancies in California reached a 2-yr high, with 5.4% of units vacant statewide in May.
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How Is the Market Going on in California?
Home sales in California have reached their highest level in 8-mo in May. However, overall home sales are still lower yearly. Home sales: Statewide: ↑ 10% MoM Bay Area: ↑ 30%
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Comprehensive Analysis of the California Housing Market
The California’s market is adjusting to higher mortgage rates and rising inflation. Home prices vary, with some areas transitioning from a seller's market to a more neutral setting. Median sales prices have decreased between 2022 and 2023, making homes slightly more affordable.
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California’s Commercial Real Estate Forecast
The California commercial real estate forecast shows a mixed outlook due to rising interest rates and economic uncertainty. Office development remains cautious due to the impact of high interest rates on market fundamentals. Multifamily housing demand stays strong in metropolitan areas, driven by state laws and growth in inland parts of the state.
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US Homebuilder Sentiment Surges
US home builder sentiment reaches a 10-mo high in May due to increased demand and tight housing supply.The National Association of Home Builders/Wells Fargo Housing Market index rises 5 points to 50.
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Housing Bill to Allow Multifamily Development on Commercially-Zoned Sites Now in Effect
The Middle Class Housing Act of 2022 (SB 6, Caballero) went into effect on July 1, 2023. It allows developers to build qualifying multifamily projects without rezoning on sites currently zoned for commercial retail or parking use, as long as they comply with all local zoning code requirements. The project must be at least 50%…
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Fed Hikes Key Interest Rate to 5.5%
The Fed hiked its key interest rate by 25 bps to 5.5%The Fed expresses doubt that inflation will continue to decrease towards its 2% target without implementing another rate hike.
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The Top Most-Expensive States for Real Estate
Hawaii, with avg price of $681/sq ft California, with avg price of $425/sq ftMassachusetts, with avg price of $417/sq ft New York, with avg price of $416/sq ft
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More Affordable Housing Needed for Middle-Income Americans
The US housing market is missing 320K home listings valued up to $256K. That is the affordable price range for middle-income buyers. Middle-income buyers can afford to buy 23% of the listings in the current market. Most affordable homes available for middle-income buyers are in Toledo, OH.