North Contra Costa County - Real Estate Market Report OCTOBER 2023
North Contra Costa County CA: Monthly Market Report
- The economy has seen ups and downs recently, with rising interest rates and fluctuating stock markets.
- Though we dodged a federal government shutdown, another might be on the horizon.
Real Estate Insights:
- Q3 median house sales price dropped by 2% from last year. However, a positive shift is expected soon.
- Home listings are scarce, making them below historical averages.
- Home sales in Q3 decreased by 20% year-over-year, mainly due to limited supply and rising interest rates. But the homes available are selling fast and often above the asking price.
2024 Forecast by CA Association of Realtors® (CAR):
- Positive rebound expected for the California housing market.
- Single-family home sales might increase by 23%.
- Median home price in CA projected to rise by 6.2%.
- 30-year fixed mortgage interest rate could drop to 6%.
- Active home listings might increase by 10%-20%, but overall supply will still be low.
- Affordability remains a concern, with fewer CA households able to buy median-priced homes.
The real estate market faces challenges, but there's optimism for the coming year. Stay updated and make informed decisions!
Read the full report below:
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