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California housing market will rebound in 2024 as mortgage rates ebb.
- Existing, single-family home sales are forecast to total 327,100 units in 2024, an increase of 22.9 percent from 2023’s projected pace of 266,200.
- California’s median home price is forecast to climb 6.2 percent to $860,300 in 2024, following a projected 1.5 percent decrease to $810,000 in 2023 from 2022’s $822,300.
- Housing affordability* is expected to remain flat at 17 percent next year from a projected 17 percent in 2023.
Slower economic growth and cooling inflation will bring down mortgage interest rates in 2024 and create a more favorable market environment to spur California home sales next year, according to a housing and economic forecast released by the CALIFORNIA ASSOCIATION OF REALTORS® (C.A.R.).
The baseline scenario of C.A.R.’s “2024 California Housing Market Forecast” sees an increase in existing single-family home sales of 22.9 percent next year to reach 327,100 units, up from the projected 2023 sales figure of 266,200. The 2023 figure is 22.2 percent lower compared with the pace of 342,000 homes sold in 2022.
The California median home price is forecast to rise 6.2 percent to $860,300 in 2024, following a projected 1.5 percent dip to $810,000 in 2023 from $822,300 in 2022. A persistent housing shortage and a competitive housing market will continue to put upward pressure on home prices next year.
Turn Green into Gold: Master the Art of Selling High-Performance Homes with NAR’s GREEN Designation!
Become the trusted expert with NAR’s GREEN Designation! From high-performance homes to sustainable living, we cover it all.
You’ll get exclusive access to webinars, newsletters, and marketing tools designed to make you the go-to green guru!
October 19-20 | 9:00 a.m. – 5:00 p.m.
Instructor – Eileen Oldroyd
FREE for VCCAR Members and non-members
LOCATION: HYBRID – available in-person at the VCCAR Oxnard HQ or via Zoom
Great real estate agents never stop learning; we’re devoted to innovating and evolving as you do. Whether you’re looking for Continuing Education, Post-Licensing, or Pre-Licensing, VCCAR has you covered.
As part of your real estate continuing education, this course, which was revised in January 2022 and designed to meet NAR Cycle 7 requirements, will provide you state licensing continuing education credits as well as fulfill the requirement for Ethics training mandated by the National Association of REALTORS®.
This seminar is a must-attend for real estate professionals, agents, and brokers operating in California’s wildfire-prone areas. It provides the knowledge and tools necessary to navigate the complexities of wildfire risk management in real estate transactions, ultimately ensuring homeowners’ and buyers’ safety and security. Join us to stay ahead in the evolving landscape of California real estate and wildfire risk.
NAR’s GREEN Designation is your two-day passport to becoming a leader in the green real estate industry. The course is a deep dive into high-performance homes, consumer demand, resource-efficient living, and practical advice for homeowners looking to improve their homes. You’ll emerge as an ambassador for a greener, healthier planet, well-equipped to provide invaluable insights to both consumers and builders.
VCCAR members graciously volunteer
their time to help strengthen
the association’s events, services,
and strategic initiatives.
REALTORS®, Pre-Tour Meetings
are an excellent opportunity to
promote your listings to other
agents in the area!
Affiliate Members are those connected
with the real estate industry and offer
services to REALTOR® members
and their clients.
WHY CHOOSE VCCAR?
Join VCCAR and begin a lifelong journey of professional growth and success.
VCCAR provides advanced skills courses from industry experts, career strategy, and leadership training.
A large selection of supplies to elevate your brand and business systems – available to order online or convenient call-ahead order/ pickup services. Discount applied to association members
Two beautiful, newly remodeled, modern facilities conveniently located in Oxnard and Ojai offer support and REALTOR® store services.
If your clients need high-quality information, you, as a professional, should be able to give it to them. VCCAR offers seamless delivery of MLS service and support.
Not only are the CRMLS staff incredibly kind and professional, they understand the time-sensitivity of inquiries and respond immediately. We are so fortunate to have such an outstanding association to partner with.
– Pamela Hayes
TOP NOTCH EDUCATION
The VCMLS presenter did a great job of making it enjoyable. After taking the class, I was better able to formulate an effective marketing plan for my social media.
– Elizabeth Rice
“This event is full of love, support for our profession, and inspiration in a community of like-minded people.”