California: Rise in Mortgage Rates Causes Home Prices to Fall Once Again

The California housing market is going through some massive changes. Home sales in California fell a whopping 30% year to date. The number of home sales is roughly on par with the lowest pre-COVID levels going back to 2008. Meanwhile the median sold price for the California housing market has increased by 13% since February 2023’s trough but despite this growth home prices are only up by 0.2% from a year ago. Also, home owners continue to hold onto their ultra-low mortgage rates because new listings in July 2023 fell 42% from July 2019 and declined by 28% year-over-year (YOY).

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 brand new report from the California Association of Realtors (link below).

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Compilation of Housing Market Forecast videos:
https://youtube.com/playlist?list=PLiQQpOejscIcBF1Jw2zG6Uvg7qDav_oGi

Report I covered in the video:
https://www.car.org/aboutus/mediacenter/newsreleases/2023-News-Releases/july2023sales

To give you a quick mortgage interest rates update, according to the Mortgage News Daily the average 30yr fixed rate mortgage is around 7.4% 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 (lic 103885)
Sacramento real estate agent and native
Realty ONE Group Complete (DRE 01923240)
[email protected]

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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 with Realty ONE Group Complete in California under DRE 01923240.

#Californiahomes #housingmarket #CaliforniaRealtor