How’s the real estate market? California’s housing market rebounded in April’s housing market, as sales rose on both a monthly and yearly basis, and the median home price exceeded $900,000 for the first time ever, which is a record high, according to the California Association of REALTORS.
Listed For Sale: More listings are on the market: 2024 is double digits higher compared to last year. Home sales totaled 275,540 in April which is up 3.0 percent from 267,470 in March and up 4.4 percent from 263,960 in April 2023.
Prices: This statewide median home price of $904,210, is up 5.8 percent from March and up 11.4 percent from $811,510 in April 2023. Year-to-date statewide home sales were up 1.6 percent.
What to Do: Yes, the interest rates are hovering around 7.5% for a 30-year fixed, but there are programs for less than 20%, and some closing costs can be paid by the seller. Your real estate agent should negotiate, price, terms and depending on the condition of the house, reduction in asking price. Rates are predicted to not fall, if at all this year, 2024, but perhaps next year. So get your house, let it appreciate (see the first paragraph) and refinance later!
