Steve Spiro’s Blog

The University of Southern California’s Lusk Center for Real Estate predicts an upward trajectory in multifamily rents across Southern California over the next two years, signaling potential hurdles for commercial real estate financing. Diop’s forecast talks about the number of people who are leaving the state and California’s affordable housing shortage in the region as…

CAR predicts a better housing market in 2024 due to slower economic growth and cooling inflation. Home prices are rising, the market is stable, and homeownership remains valued by Americans. Housing affordability and elevated interest rates are current challenges.

California ranked in 4th for the states most interested in investing in property. The state averaged ~38.7K monthly searches over the past year. There were 99 searches per 100K population.

10. Kern: – Median price: $380K 9. Tulare: – Median price: $370K 8. Del Norte: – Median price: $365K 7. Kings: – Median price: $361K

California home sales in October remained flat due to high borrowing costs and limited housing inventory. Existing, single-family home sales totaled 241,770, a slight increase from September but a decrease of 11.9% compared to October 2022. The statewide median home price was $840,360, down 0.4% from September but up 5.3% from October 2022. Year-to-date home…

California's residential Real Estate exceeds $10T in total value. California's housing market is ~20% of the entire US housing value. California's Real Estate is 150% valuable > Florida's.

California needs to build 3.5M new homes by 2025. Land-use regulations make it difficult to build new housing in many parts of California. 30% of California land could be used to build new homes, but only 1% is currently being used for housing development.

Examining Rent-to-Income-Ratios by U.S. Metros Since wages are higher in more expensive areas than those in low-cost markets, a more accurate measure of rent affordability is the rent-to-income ratio, which is the portion of income that must be set aside for housing costs each month – regardless of the rent or income level. U.S. Census…

LA City Council's Vote: Lift zoning restrictions for affordable housing on public and city-owned land. It will expand affordable housing on civic-purpose-focused city-owned land by removing zoning and density restrictions.

Home prices in the US increased by 4.5% year over year in September 2023. The Northeastern states saw the highest price gains, with Maine experiencing a 10.1% increase. Despite rising mortgage rates, the housing market is expected to remain steady. Certain markets with in-migration from expensive states are showing strong price gains. The CoreLogic Market…