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California Weekly Market Data for week ending May 27, 2024

California’s population grows in 2023 after three years of decline

As the remote working trend continues to stabilize and net domestic migration recedes to the lowest levels of the 2010s, California population is expected to increase further at a slow pace in the near future.     

Prospective homebuyers plan to buy but lack confidence to start the journey

Renters are unsure whether now is the right time to buy but many plan to buy in the next five years, according to the newest Bank of America Homebuyer Insights Report.

Mortgage rates actually rise this past week

The average 30-year FRM wrapped up last week with an increase of 7 bps from the prior week. As the market continues to speculate on the next Fed’s rate move and its outlook on future rate cuts, interest rates will likely remain volatile in the coming month.

New home sales fall as interest rates rise and existing housing supply increases

On the supply side, the number of for-sale properties continued to increase with new home inventory rising to 480,000 units in April, the highest level since early 2008.

Families spend more of their income on mortgage payment than a year ago

San Jose-Sunnyvale-Santa Clara was the most severely cost-burdened market in the first quarter, where a typical family would need to spend 84% of their income on a mortgage payment for a median-priced existing home.

With the improvement in housing supply conditions expected to continue throughout the summer and rates projected to moderate more consistently in the second half of the year, more buyers should reenter the market in the later part of the homebuying season.

SOURCE : California Association of Realtors

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