Inside California's Sky-High Home Prices | 1-Minute Market Update w/ Martin Perdomo
Why are California's house prices defying gravity? This week, we're breaking down the latest twists and turns in the housing market as of June 28, 2024. Mortgage applications are showing a slight uptick from last week but are still down a steep 13% compared to last year. Despite the cooling frenzy in house hunting, home prices have soared to a new high of $397,250, with the median asking price climbing to $414,975. High mortgage rates and a dip in buyer demand create a fascinating paradox where rising inventory hasn't led to dropping prices. We discuss what this means for those eyeing to buy, with the average monthly mortgage payment now standing at $2,785 at a 6.87% interest rate.
In our next segment, we turn our spotlight on California's housing market, where prices continue to break records against all odds. The median home price in the Golden State has surged to an eye-watering $813,980. Even with a significant rise in new and actively listed homes, prices remain stubbornly high. We dissect this curious case of soaring prices amid increasing inventory and high mortgage rates, offering insights for both buyers and sellers navigating this unique landscape. Whether you're in the market for a new home or just intrigued by real estate trends, you won't want to miss our expert tips and comprehensive update on these unprecedented times.
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