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Ok, Today the California Association of Realtors, announced a prediction of "a 22.9 % increase in existing single family home sales totaling 327,100 units in California for 2024".

The Median Home Price in California is expected to increase by 6.2 % reaching  $860,000 in 2024.

Housing affordability is projected to remain stable and Mortgage Interest rates could reach mid 5% on 30 year fixed rate mortgages by the end of 2024 as per The California Association of Realtors Insight Forecast. 

End of 2024 year (Code) to me means during a Presidential Election Year even in the first quarter of 2024 rates should be lower with both a Refinance Market and more homes to be placed on the market when the mortgage rates drop for buyers.

Its going to be a busy market for real estate professionals and for buyers as long as the rates come down. Also consider Variable rates which stay fixed for 7 years then  adjust. All you do is refinance to another variable or fixed rate when the time comes to save money on your mortgage.













Posted by Thomas Melville, MNAA, MRA on October 6th, 2023 6:12 PMLeave a Comment

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