California Housing Market Trends and Forecast for 2024

The California housing market is experiencing shifts, with a decline in existing home sales and fluctuations in median home prices. Elevated mortgage interest rates have suppressed sales, while a tight supply of homes has kept prices from falling. Regional variations show declines in sales across major regions and counties, with some areas experiencing significant drops. However, home prices have generally increased across regions. Housing inventory remains a challenge, with a decline in active listings, making it difficult for prospective buyers.

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