Use our marketing tools to tell your story. According to the California Association of Realtors (C.A.R. If you don't believe us, check it out yourself. ZHVI is not the median price of homes that are sold in a month within a geographic region. The average number of days a home for sale spends on the market before being bought up is 36 days as of February 2022, down 28% from an average of 50 days in February 2021. The 10-year ARM (adjustable rate mortgage) was at 4.3%. As a result, the market is likely to experience downward pressure on housing demand, which could potentially affect sales and inventory levels. C.A.R. Additionally, a significant percentage of those surveyed believe that sales will increase, which suggests that there is still interest in the California housing market. - California's median home price is forecast to rise 5.2 percent to $834,400 in 2022, following a projected 20.3 percent increase to $793,100 in 2021. The Customer Contact Center is looking forward to serving you Monday through Friday between the hours of 8:30 a.m. and 4:45 p.m. v. t. e. United States housing prices experienced a major market correction after the housing bubble that peaked in early 2006. >>>. California Model MLS Rules, Issues Briefing Papers, and other articles and materials related to MLS policy. Buying a housein any marketis a highly personal decision. Your one-stop-source for exclusive offers, discounts, and free trials. Her writing has been produced internationally and she worked as an operations specialist in the Broadway touring industry. The Central Valleys median price decreasing 6.6 percent, followed by the Far North (-3.4 percent), the Central Coast (-2.6 percent), and Southern California (-0.2 percent). The percentage of REALTORS who believe sales will increase in the foreseeable future increased to 18.9%, an increase of 14.3% from the previous week's survey. Elevated homebuyer demand during the pandemic simply overwhelmed inventory. That's an increase of nearly 25 percent. Single-family construction starts in January were down 4.3% from December, and applications for building permits declined by 1.8% from the previous month, according to preliminary data from the U.S. Census Bureau and the U.S. Department of Housing and Urban Development. The state's other regions experienced more moderate median price declines, with the Central Valley declining by 6.6 percent, the Far North declining by 3.4 percent, the Central Coast declining by 2.6 percent, and Southern California declining by 0.2 percent. Prepare to earn your real estate license with our online courses, Complete your eight-hour NMLS license renewal requirement through our NMLS-approved provider, OnlineEd. Year-over-year home price growth slowed in 2022 as mortgage rates rose sharply, resulting in worsening housing affordability. Vice President and Chief Economist Jordan Levine. Looking for additional assistance? Members indicate reduced demand, but a lack of listings keeps inventory reasonably tight. C.A.R. For one, the nations housing supply remains limited. As a member of C.A.R., you receive more than 100 free and discounted benefits. Time to bring it home. Home prices increased by 10% over the last year, from a median sale price of $1,350,000 in February 2021 to $1,485,000 in February 2022. Existing SFR Median Closed Prices = $673,000. As of April 13th, 2022, the 30-year fixed-rate mortgage hit 5% for the first time since 2011. <<