Welcome to today’s Real Estate news roundup! In California, the housing market is experiencing some changes as the population begins to grow slightly. Despite slower housing growth, the cost of housing has stabilized after a significant increase during the early stages of the COVID pandemic. Factors such as rising interest rates and a slow but steady increase in housing supply are contributing to this shift. Meanwhile, lawmakers in California are proposing new bills that would support sober housing for homeless residents, challenging the current “housing first” policy. These bills aim to provide more options for individuals seeking sobriety while addressing the shortage of sober living beds. However, concerns have been raised about potential impacts on low-barrier housing and state funds. Additionally, experts predict that the 2024 housing market will be marked by high home prices, tight inventory levels, and impending commission changes, causing anxiety for buyers and sellers alike. To navigate this complex market, it’s advisable to seek guidance from experienced local real estate agents. Stay informed with the latest updates and explore the factors influencing the housing market in California and beyond.
Is California’s Housing Situation Turning Around? | Planetizen News
California’s housing market is showing signs of change as the population begins to grow slightly. Despite sluggish housing growth, the cost of housing has leveled off after a sharp increase during the early stages of the COVID pandemic. One possible reason for this is the rapid rise in interest rates. Additionally, the supply of housing, although slow, is growing faster than the population.
Looking at the data since the 2020 Census, the supply of housing in California has increased by 3% while the population has declined by 1%. This raises the question of whether this growth in housing supply is enough to meet the needs of the population.
Stay up to date with the latest news, jobs, and more related to California’s housing situation and explore the various factors influencing the housing market in the state.
Should California be able to require sobriety in homeless housing?
Lawmakers in California are proposing two bills that would allow state funding to support sober housing for homeless residents, challenging the current “housing first” policy. The bills aim to provide more choices for individuals who want to be sober and address the shortage of sober living beds in the state. However, concerns have been raised about the potential impact on limited low-barrier housing and the diversion of state funds. The bills come amidst a surge in California’s homelessness population and debates over the effectiveness of the inclusive housing policy. To learn more about this issue and the proposed bills, visit CalMatters.
Housing Market 2024 Predictions | Bankrate
With home prices at historic highs, tight inventory levels, and impending commission changes, the 2024 housing market is causing anxiety for prospective sellers and buyers. The median sale price for existing homes in the U.S. reached a record high, while mortgage rates remain elevated compared to previous years. Experts predict that housing affordability will be shaped by factors such as home prices, mortgage rates, inventory levels, and commission structures. Despite the Federal Reserve signaling potential rate cuts, homebuyers may still face challenges throughout the year. Inventory remains low, and the impact of changing commission rules on home prices and affordability is uncertain. To navigate this complex market, it’s advisable to seek guidance from experienced local real estate agents. Discover more insights and predictions for the 2024 housing market on Bankrate.