Welcome to today’s real estate news roundup! In California, where the allure of picturesque landscapes and vibrant cities has long attracted residents, home prices have been a major concern. However, there is good news for potential buyers as GOBankingRates highlights 14 cities in California where home prices are dropping significantly, offering an opportunity to own a home in this beautiful state. Meanwhile, the housing market continues its upward trajectory, with property prices rising despite high mortgage rates. According to the National Association of Realtors (NAR), the lack of housing supply amidst strong demand is a key factor driving this trend. While economists predict a modest market correction, they do not anticipate price drops on the scale of the Great Recession. Additionally, we delve into the upcoming state audit targeting California’s housing mandates, which aims to examine the planning requirements and support provided to local governments in meeting the ambitious goal of adding 2.5 million affordable and market-rate homes by the end of the decade. Lastly, we explore the recent approval of two housing bills by the California Senate, spearheaded by Senator Nancy Skinner, aimed at easing the construction of accessory dwelling units (ADUs) and increasing transparency regarding utility hook-up fees. These bills play a crucial role in addressing the housing shortage, particularly in the rapidly growing ADU sector. Dive deeper into these stories to stay informed about the latest developments in the real estate landscape.
14 Cities in California To Buy Where Home Prices Are Dropping Significantly
California’s unique and wide range of beauty — from mountains great for skiing, to lakes, hiking trails and bustling cities — have long attracted people to live amidst its famed golden hills. However, with those qualities often come extremely high prices.
GOBankingRates lays out the 14 cities in California where home prices are dropping fast, and where you could perhaps purchase your home in the West Coast state that has it all.
Is The Housing Market Going To Crash? | Bankrate
To the dismay of would-be homebuyers, property prices just keep rising. It seems nothing — not even some of the highest mortgage rates of the past two decades — can stop the continued climb of home prices. Prices increased once again in March, according to the National Association of Realtors (NAR), which reports that median existing-home prices were up 4.8 percent over last year — the ninth month in a row of year-over-year jumps. Home values held steady even as mortgage rates soared to 8 percent in October 2023, reaching their highest levels in more than 23 years. The main culprit is a lack of housing supply amid strong demand. Economists agree that any market correction is likely to be modest, and no one expects price drops on the scale of the declines experienced during the Great Recession.
Upcoming state audit targets California’s housing mandates – Daily News
California housing regulators are demanding that cities statewide develop meticulous plans to add 2.5 million affordable and market-rate homes by the end of the decade — but some local officials say the process sets them up for failure. Frustrated mayors and city councilmembers argue that the convoluted planning requirements are needlessly confusing and that regulators have been slow to review the submitted plans. An upcoming state audit will examine whether the state is doing enough to help local governments satisfy the requirements and plan for many more homes than ever before.
CA Senate Greenlights Sen. Skinner’s Housing Bills | Senator Nancy Skinner
The California Senate has approved two housing bills introduced by state Sen. Nancy Skinner, aimed at making it easier to build more housing, particularly accessory dwelling units (ADUs), in the state. The bills aim to increase the number of ADUs built on multi-family properties and provide transparency regarding utility hook-up fees for ADUs and other housing types. With ADUs being the fastest-growing sector of California’s housing market, these bills are crucial in addressing the housing shortage. Learn more about these important housing bills.