The California Association of Realtors gives us their Housing Market Forecast for the year. The 2025 market forecast was released in November 2024. Here are some highlights, and you can watch the video presentation below for more information.
LONG ROAD TO RECOVERY
Inflation is fading, and it looks like we will see a soft landing soon. Housing supply is still tight but we are seeing some rays of hope. There was an unseasonably strong winter in the housing market in California. Prices are going up, rates have trended downward, but affordability is also down.
Inflation is easing, but prices aren’t falling for most folks. Commercial spaces are still showing high vacancy rates, growing continually since COVID.
Sales seem to still be waiting for rates to lower more. The Bay Area & Central Valley areas are outperforming in the state. It does look like prices are normalizing.
Housing affordability is at the lowest level since 2007. Getting insurance on a property has become one of the biggest hurdles to home buyers.
And most importantly, forecast shows prices will continue to rise thru 2025.
You can review the 2024 California Housing Market Forecast here: 2024 California Housing Market Forecast
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