Steve Spiro’s Blog
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California Housing Market Forecast 2025: A Brighter Outlook?
The California housing market forecast for 2025 predicts increased sales and moderately higher prices, driven by lower interest rates and a loosening of the “lock-in” effect. Approximately 304,400 homes are expected to be sold, marking a 10.5% increase from 2024, with median home prices rising to $909,400. However, affordability remains a challenge, with only about…
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California, Poised for Growth or Crash?
Despite recent stagnation, the market shows potential for growth, especially if interest rates drop.Limited supply and high demand continue to drive prices, reducing the likelihood of a crash.
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California Housing Market Predictions 2025
California's housing market predictions for 2025 indicate a mix of opportunities and challenges. The average home value is currently $773,363, reflecting a 5.1% increase over the past year. While some regions like Los Angeles and Central Valley cities are expected to see modest growth, areas such as San Francisco and Sacramento may experience declines. Economic…
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California Housing Market Cools Down: Is it a Buyer’s Market Yet?
California's housing market is experiencing a slowdown, with home sales in August 2024 dropping to a seven-month low of 262,050, a 6.3% decrease from July. Despite this, median home prices remain stable at $888,740, reflecting a slight increase. Factors contributing to the slowdown include fluctuating interest rates, affordability concerns, and the end of the traditional…
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California’s New Homes: A Solution or Problem?
New home construction in California and beyond fails to solve housing affordability issues. New homes are 40% larger and 80% pricier than existing homes in major cities.
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California Aims for 2.5M New Units by 2031
Critical shortage exacerbates economic, social issues: Particularly severe for lower-income families in urban areas.Rising costs hinder construction: Inflation, interest rates, and red tape drive up prices, especially for low-income housing.
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Real Estate Forecast Next 5 Years California: Crash or Boom?
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…
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California Rent Crisis: Can Prop 33 Help?
California’s avg monthly rent is $2,867, straining renters’ budgets and increasing homelessness. Proposition 33 aims to repeal the Costa-Hawkins Act, allowing local rent control expansion.
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How soon could home insurance rates drop? 2025
The California Department of Insurance has approved rate increases for insurers, urging them to write new policies, especially in high-risk areas. Deputy Insurance Commissioner Michael Soller emphasizes the need for insurers to take on higher-risk homes and highlights issues like delays in forest management affecting rates. California uniquely requires insurers to use historical data for…
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California Housing Market Crash: Is a Correction Coming Up?
The supply of houses for sale in California has been consistently lagging behind buyer demand, which is expected to continue in 2024.A dramatic crash seems unlikely due to persistent housing shortages; a market correction and stabilization of prices are possible.
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