Records Broken: California Housing Market Update (May ‘24)
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- Опубліковано 18 тра 2024
- California’s median home sale price increased above $900k for the first time ever while reaching a record high in April 2024. The median sale price surged by 11% from a year ago. According to the California Association of Realtors, “Sales in the $1 million-and-higher market segment surged 39.8% year-over-year in April, while the sub-$500,000 segment declined again moderately (-8.0 percent). The change in the mix of sales of homes priced above $1 million made up more than a third (36.4 percent) of all sales ― the largest share in at least the last five years. The growth in sales of higher-priced homes continued to provide upward support to the statewide median price and was partly responsible for the solid increase in year-over-year growth rate at the start of the second quarter.” In other words, sales over $1M surged whereas sales for less than $500k fell which contributed to the rise in the statewide median sale price (not the only reason but had an effect on it).
I share these trends and much more including California’s pending home sales, price reductions, home sales and much more. This is your latest California real estate market update based on a new report from the California Association of Realtors (link below).
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Compilation of Housing Market Forecast videos:
• Housing Market Predict...
Report I covered in the video:
www.car.org/en/aboutus/mediac...
altosresearch.com/
To give you a quick mortgage interest rates update, according to the Mortgage News Daily the average 30yr fixed rate mortgage is around 7% for the current mortgage rates (at the time of filming this video for those with excellent credit).
Comment below: what’s your housing market forecast? Do you think a housing crash will happen or are your housing market predictions that the real estate market and home prices will continue to surge?
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Jason Walter, CPA (inactive CPA lic 103885)
Sacramento real estate agent and native (DRE 01923240)
Mortgage Loan Officer, NMLS 2566691
Revest Homes (DRE 02174879, NMLS 2362319)
jason@meetjasonwalter.com
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Disclaimer:
Jason Walter is not a practicing tax accountant or a licensed attorney or financial adviser. Therefore, the information in these videos shall not be relied upon as tax, legal, or financial advice from a qualified perspective. If you need such advice, please contact a qualified tax accountant, attorney, or financial adviser. We have taken reasonable steps to check that the information in this video is accurate but we cannot represent that it is free from errors. You expressly agree not to rely upon any information contained in this video - it is for entertainment purposes only.
This video description may contain affiliate links that allow you to easily find the items mentioned in my videos as well as support the channel at no cost to you. Thank you for your support! Jason Walter is a licensed real estate agent and mortgage loan originator with Revest Homes in California (DRE 02174879, NMLS 2362319).
#housingmarket #California #CaliforniaRealtor - Розваги
Jason, this is great info but it gets a little overwhelming because there's so many numbers. It would be great if you could recap the highlights in a few bullets in the end and/or beginning 🙏
People still underestimate how desirable coastal California living is.
ANYwhere on coastal CA, OR, and WA
Always has been and always will be.
....that's alot of crap! (literally)
@@fpanadero2626 that’s why it’s so cheap to live here right? Cuz it sucks??
@@fpanadero2626it might be crap for some and beautiful life style for others. That’s the beauty of life. We all have different needs and different things that we are willing to pay for. All the best to all ☺️
Great news. All my properties are on the california coast.
If almost all viewers commenting are saying this is crazy and homes are too expensive; who are purchasing these homes, how are they funding the purchases, and where are they getting this money?
I’m personally seeing well qualified buyers with good incomes who have been saving for years for their down payment. Many moving from more expensive areas.
It’s called the top 20%. We’re the ones keeping this economy alive.
I dont think the average CA home buyer comments on these videos.
@@JasonWalter1 He was asking for more details than that.
So glad I wasn’t one of those guys who bought into the Crash Bro’s negative videos. Those dudes only kept people from making the right move at the time, and kept them on the sidelines.
Really screwed those people who hang on to their every word.
The truth is…they have no idea about what they spew.
The buyers are plum dumb......
Again , prices will continue to go up in California , inventory js still
Low , demand very high .
Thank you Jason, exceptional analysis as always!
Appreciate you
When fast food employees make 20 dollars an hour Run outta there.
California has been and will always be very desirable. Don't let the naysayers fool you. Most of the state has some of the most enviable weather and nature in the 50 states.
Biggest Takeaway: still nuts out there!
I'm 45. California has been looked at as an unaffordable place to live by most of us in this country for as long as I can remember.
Thank you Jason Im in LA county, have a few rentals and doing my first sale. Nice areas are very competitive for ready to move in and fixers. All areas are very competitive for ready to move in recently updated homes. Also starting to see offers higher than the appraisal in the up and coming neighborhoods thats used to be crime ridden 20 or so years ago. Similar to Sacramento?
Happy Sunday Funday Jason!😊
Good morning!
Crash bros are going to cry 😢
Hello from Half Moon Bay Ca. Homes are so expensive, I don’t get it, we live in crazy times.
Indeed. Good morning
To chime in- Half Moon Bay, CA has always been expensive. The supply is low and housing turnover is not common. I hope you are able to find your dream home there. HMB is a great place!
@@lb7752 this is true, all of the coastal communities are tourist hotspots and highly desirable but generally speaking, homes are still expensive and interest rates are high. I was fortunate to have awesome landlords that have kept my rent extremely low, but have no desire not could i afford to purchase locally. Just crazy how people are paying these premiums.
Sacramento, CA. $300k for a rundown fixer upper. Smh.... anybody selling a box on their lawn. At this point, that's all most of us can afford.
400k- 500k fixer upper 😢
I live in utah and I have never seen houses this high .how are people paying this with interest rates where they are?
Are the lower end houses being priced up or is 1 million now the low end house price?
Exactly!! The bar just keeps getting set higher.
My house in coastal Carolina hit a new high on Zillow, but the house down the street is up for sale for $70k more, and it is smaller and on less land. Our market is driven by last time home buyers retiring to the south. And the DOW is near 40,000. I remember when it hit 2,000 in 1987 and everyone was celebrating.
How are the service workers able to live close enough to their jobs? Could unaffordable housing end up becoming the first domino?
When hyperinflation hits and everything will cost 200% more and salaries will go up by almost as much, it will be much easier to pay off a $1M house. 😂
Hope not! 😂
the salary does not go up so fast.
Mornin Jason. I read an anecdotal story of a prospective home buyer who was just approved for a mortgage whose payments would be half of his net income. Have you seen any buyers with that kind of pre-approval? I stuck with 25% of my net for my target and ended up below that albeit in 2010. I see now that 30% is being suggested as the top ratio.
Tech bros getting called back to the office (half joking but I bet that's at least some of it)
California is broken.
Please do one on Massachusetts housing market please 🙏
Things are GREAT until they AREN’T!!!!! The higher the prices go the harder they’ll fall… you’ve been warned.
Look at other county’s right now. See what is coming to the U.S. it’s going to be bad.
Sold my rental property in So Cal in march for 715k, same comps today are 765k, not even is super high desirable area seesh
They have foreigners buying these properties. Portugal had this problem however they put a hold on the Golden visa. This is what this country allows. No other countries allows this. The Chinese are buying up California.
👍
Good morning
Lets let rates go to 15%, then people who actually have money can afford to buy a home
What make you think rates will go to 15%?
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