California home sales remain stagnant at the end of 2023
With rates easing in late 2023, home sales are likely to pick up in January and February, though the improvement may be modest in the following months.
Tight supply continues to be the norm but market could see more inventory this spring
With mortgage rates staying below the peak reached in October, we expect more homes to be listed for sale in the first quarter of 2024.
Housing starts dip from November but builder sentiment boost hopes for spring
More permits and higher builder confidence level suggest that housing construction could rise again in coming months.
Retail sales remained strong and exceeded expectations
consumer spending might decline in the upcoming months as bills come due for those who borrowed money at the end of last year.
Biggest 2-month surge in consumer sentiment in 30+ years
The quick rise in consumer confidence is good for the overall economy but suggests that interest rates might stay elevated for an extended period.
home prices should maintain their upward momentum as tight supply remains the norm and the market will likely observe a mid-single-digit year-over-year growth rate in the statewide median price in at least the early part of 2024.
SOURCE - C.A.R