North Contra Costa County - Real Estate Market Report OCTOBER 2023

Posted by Tracy Tang on Friday, October 13, 2023 at 4:30 PM By Tracy Tang / October 13, 2023 Comment

North Contra Costa County CA: Monthly Market Report

Economic Overview:

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.

Final Thoughts:
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: