Skip to main content

California Homes Sales Forecast to See Mild Increase in 2018

Oct 13, 2017
California’s home sales and median price is expected to increase in 2018, albeit at a slower pace, according to a new forecast issued by the California Association of Realtors (CAR)

California’s home sales and median price is expected to increase in 2018, albeit at a slower pace, according to a new forecast issued by the California Association of Realtors (CAR).
 
CAR predicts a one percent uptick in existing single-family home sales next year that will reach 426,200 units, up slightly from the projected 2017 sales figure of 421,900. The 2017 figure was 1.3 percent higher when compared with the 416,700 homes sold in 2016.
 
Also, the California median home price is forecast to increase 4.2 percent to $561,000 next year, following a projected 7.2 percent increase in 2017 to $538,500. The average for 30-year, fixed mortgage interest rates bump up to 4.3 percent in 2018, up from four percent in 2017 and 3.6 percent in 2016. However, CAR noted this remains low by historical standards.
 
"Solid job growth and favorable interest rates will drive a strong demand for housing next year," said CAR President Geoff McIntosh. "However, a persistent shortage of homes for sale and increasing home prices will dictate the market as housing affordability diminishes for buyers struggling to get into the market." 

 
About the author
Published
Oct 13, 2017
Co-Founder Mat Grella Terminated From NEXA

NEXA CEO Kortas states negotiations regarding the buyout will continue.

Mar 27, 2024
Comings And Goings At AmeriHome

Chief Operating Officer John Hedlund announced his retirement on Thursday in a LinkedIn post.

Mar 22, 2024
Rocket's Tim Birkmeier To Retire

Birkmeier is bidding farewell after a 28-year career at Rocket Companies.

Mar 21, 2024
How NAR’s Settlement Impacts Homebuying

While the settlement's silver lining is that homes are expected to become more affordable, many uncertainties loom over the housing market.

Mar 19, 2024
NAR Reaches $418 Million Settlement

The association agreed to give home sellers the option of compensating agents.

Mar 15, 2024
U.S. Non-Bank Mortgage Lenders Surge Amid Industry Consolidation, Fitch Ratings Reports

As smaller players exit the market, scaled originators like UWM and PennyMac Financial dominate, but challenges persist with low origination volume and pressured margins amidst rising interest rates.

Mar 14, 2024