2023 – 2024 Housing Market Outlook

Not uncommon in most markets is that low inventory is reducing transactions, which are keeping prices elevated. 26% less homes sold compared to last year, yet a slight improvement over last months (up 5%). At the root of our market condition: New listings down 17%. In order to afford, more buyers need down payment assistance. Californians are holding onto their homes for twice as long, making for less inventory. Up from 6 yrs in 2012 to 12 yrs in 2022.