Skip to main content

California Homes Sales Forecast to See Mild Increase in 2018

Phil Hall
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." 

 
Published
Oct 13, 2017
DOJ: Lakeland Bank To Spend $13M To Settle 'Redlining' Claims

Agreement with N.J. bank is the third-largest redlining settlement in Justice Department history.

Industry News
Sep 29, 2022
Angel Oak Layoffs Add To Growing List Of Non-QM Cuts

About 20% of its staff, or 75 people, were affected.

Industry News
Sep 28, 2022
Redwood Trust Names New Chief Investment Officer

Also announces planned CoreVest leadership transition to be completed on 3rd anniversary of acquisition

Industry News
Sep 27, 2022
Fannie Mae Pilot Program Seeks To Help Improve Renters' Credit

Renters, including historically underserved groups, will benefit from paying on time each month.

Industry News
Sep 27, 2022
Suffolk County Data Breach Puts Contracts On Back Burner

Cyberattack beginning Sept. 8 prevents title services from closing loans.

Tech
Sep 27, 2022
Nations Lending Opens Another Branch In Arizona

New Scottsdale branch welcomes Arizona native Christine McConnell as lead personal mortgage advisor.

Industry News
Sep 26, 2022