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California Weekly Market Data for Week ending April 22, 2024

Home sales pull back as mortgage rates climb

With inflation remaining sticky, however, mortgage rates could stay higher for longer in the short term. As such, sales activity will likely stall in April but could pick back up after the market digests the latest set of inflation news.

California median price reaches highest level in seven months

With seasonal factors and tight inventory expected to continue to put upward pressure on prices, California’s median price should climb further in the next couple of months.

REALTORS®’ insights offer hope for spring homebuying season

The latest REALTORS® Confidence index released by the National Association of REALTORS® suggests that the housing market will continue to improve, albeit slowly, from last year

March residential construction falls sharply as builders fear rate cut delay

The renewed concerns about the Fed’s rate movement and the recent volatility in rates are putting builders on stand-by mode, as more of them have become less optimistic and may have adjusted their demand outlook downward for the year. 

Retail sales exceed expectations in March

The solid gain   in   retail   sales   suggests   that   consumers   are   still   not   ready   to   pull   back   yet,   which   is   a promising sign for economic growth, but could also create another speedbump for the Fed’s rate cut plan

The latest improvement in housing supply and the increase in competitiveness in the market, indeed, offer encouraging signs that the market could see better days in the second half of the year when mortgage rates begin to come down.   

SOURCE : California Association of Realtors

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