The housing affordability in California rose to its highest level in a year during Q1 2023. The revised forecast for the 2023 housing market projects 280K units sold. It also shows a statewide median price of $777K. The 2023 housing market forecast predicts ↓ single-family home sales. Housing affordability will remain a challenge due to high interest...
California lawmakers are considering Senate Bill 584 by Sen. Monique Limón, which would impose a 15% tax on short-term rentals to generate an estimated $150 million annually to build or rehabilitate low- and middle-income housing. Airbnb has rallied its hosts to oppose the bill, while Gov. Gavin Newsom is apprehensive about increasing taxes. The bill aims to boost housing affordability, but is facing...
Here’s a list of the most expensive states for median home prices: Hawaii: $849K California: $761K Washington: $596K Colorado: $560K Massachusetts: $559K Utah: $545K Oregon: $502K New Jersey: $442K...
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Recent data indicates that home values in SoCal may have begun to rebound.In April, the median sales price for existing single-family houses in SoCal ↑ 2%. The number of homes available for sale in SoCal ↓ 21% since the beginning of the year. Despite limited inventory, sales in SoCal ↑ 34%....
Assembly Constitutional Amendment 10 proposes to enshrine housing as a fundamental right in California's state constitution. The amendment aims to address the housing crisis by providing a legal tool and ongoing obligation for the state. It is to ensure access to permanent, stable homes for all individuals. Public opinion supports affordable housing...
Residents in San Benito County affected by the severe storms and flooding that started on February 21 can apply for temporary rental assistance from FEMA. The first two months of rental assistance is provided without having to provide rental receipts. Extensions on rental assistance may be granted for three-month periods at a time, up to a maximum of 18 months from the date of the FEMA disaster...
The national real estate market is facing a shortage of homes for sale due to various factors such as low mortgage rates and high demand, as well as the pandemic. This is causing buyers to struggle to find homes that fit their criteria and budget. Experts suggest that the issue could be solved by more inventory, but it may be a short-term fix. The bigger issue is the mortgage rates, which impact not...
Home prices have declined the most in the western states but have stayed stable or slightly increased in the eastern states. The default mentality when buying a house should be to aim for a 10% discount to market price. There is pent-up demand and growing cash balances among potential homebuyers, leading to an increase in housing market activity. The...
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