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California Weekly Market Data for week ending May 13, 2024

Employment data telling two different stories

Ongoing unemployment claims in California are rising steadily, indicating prolonged job searches for workers. This trend, if it persists, might help alleviate inflationary pressure.

Mortgage rates continue to inch down

With credit card debt increasing and signs of a softening labor market, 8% should stay the peak, and rates might even gradually decrease by the second half of the year.

California housing market remains hot despite 7% rates

Fortunately, new listings are increasing, and total active inventory is nearing pre-pandemic levels, which should boost sales in the second half of the year.

Affordability remains challenging despite seasonal uptick

Housing affordability in California kicked off the year with a slight improvement from the prior quarter but remained below a year-ago level.

Nation’s CEOs remain upbeat about soft landing

A survey of 136 CEOs hinted easing labor market conditions noted above as a smaller share of CEOs reported having difficulty filling open positions. However, rising wage pressures are likely to persist as workers are still relatively scarce.

The 30-year fixed-rate mortgage continued to edge down last week as the bond market settles after several strong economic reports. California’s housing market has only gotten hotter as we enter the homebuying season in earnest with every measure of competitiveness on the rise last week.

SOURCE : California Association of Realtors

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