June 2024 California Housing Market Update

Good news for homebuyers in California: 96% of California’s counties have more homes for sale now compared to a year ago. This is due to a rise in the number of new listings and a historically low level of home sales. The bad news for homebuyers is that 15% of the counties tracked by the California Association of Realtors are sitting at record high home prices.
I share these trends and much more for each of the counties in California that the California Association of Realtors (CAR) tracks. This is your latest California real estate market update based on a new report from the CAR (link below).
In case you missed it, here’s my previous video about what’s happening in the California housing market at the statewide level (today’s video is about how each of the counties fared): • Records Broken: Califo...
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Compilation of Housing Market Forecast videos:
• Housing Market Predict...
Report I covered in the video:
www.car.org/en/aboutus/mediac...
To give you a quick mortgage interest rates update, according to the Mortgage News Daily the average 30yr fixed rate mortgage is around 7.1% for the current mortgage rates (at the time of filming this video for those with excellent credit).
Comment below: what’s your housing market forecast? Do you think a housing crash will happen or are your housing market predictions that the real estate market and home prices will continue to surge?
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Jason Walter, CPA (inactive CPA lic 103885)
Sacramento real estate agent and native (DRE 01923240)
Mortgage Loan Officer, NMLS 2566691
Revest Homes (DRE 02174879, NMLS 2362319)
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Disclaimer:
Jason Walter is not a practicing tax accountant or a licensed attorney or financial adviser. Therefore, the information in these videos shall not be relied upon as tax, legal, or financial advice from a qualified perspective. If you need such advice, please contact a qualified tax accountant, attorney, or financial adviser. We have taken reasonable steps to check that the information in this video is accurate but we cannot represent that it is free from errors. You expressly agree not to rely upon any information contained in this video - it is for entertainment purposes only.
This video description may contain affiliate links that allow you to easily find the items mentioned in my videos as well as support the channel at no cost to you. Thank you for your support! Jason Walter is a licensed real estate agent and mortgage loan originator with Revest Homes in California (DRE 02174879, NMLS 2362319).
#housingmarket #California #CaliforniaRealtor

[@juliewilhelmi5791]

Sales are decreasing below $500,000 because the price of inventory is mostly above $500,000. You can't find much below that #.

[@JasonWalter1]

That's a valid point, thank you. The 53% YOY rise in >$2M homes and 34% increase in $1M-$1.9M houses caught my attention though. Also, check this out: CA's median sale price for all price points increased by 11.4% YOY but... the price per sq ft only rose by 3.8%. This is also partly explains the growth in the state's median sale price (i.e. that difference implies sales of larger homes/properties b/c in general price/sq ft is lower for larger houses). I really wish CAR would provide stats on inventory and new listings by price range like the FL Realtors does.

[@michellefarage]

That’s what I was going to say. You literally cannot find anything under or really even close to $500,000 in my area.

[@DCfurnfe-vp1mz]

Before I even watch, I know the cliffs: *Prices still expensive, not coming down *The haves still have *The have-nots still don't have and will not have

[@grownupgaming]

Ahhh cliff notes…. Nostalgia

[@ElloSheerio]

A 1,021 sq ft home sold for 110,000 in 2022. In 2024, they relisted for 399,000! What the actual heck. All decent homes are so far out of reach now that it's ridiculous. It needs to stop.

[@marysteelman6534]

People moving back after leaving for Texas. The Austin market is tanking.

[@donaldbiden9492]

Imvestors purchasing future rental units for illegal people. They know the government will pay their rent with our tax dollars.

[@JasonWalter1]

Austin, other parts of TX and FL are showing signs of trouble ahead especially regarding inventory increases.

[@JBoy340a]

@@JasonWalter1 is it condos in Florida that are having issues. Or are SFH sales also running into issues?

[@nitroneonicman]

I'm currently in Florida, have been watching the market closely for a couple years. Sfh are also sitting in the market and getting numerous price cuts. The condo matter is getting absolutely hammered.

[@jaydeeare285]

​@@JBoy340aJust the condos. And for a reason, not because "crash".

[@MVDreports]

Nothing says “the housing market is local” like California. How many places can you get +25 and -10 within a few hundred miles of one another? Thank you for the video Jason!

[@reignyell3614]

Riverside County setting records with prices because of cities like Eastvale,Norco and Corona.Houses around that area have prices around 800k to 1M plus.

[@DCfurnfe-vp1mz]

Imagine paying that much for a place in Corona. I never thought I'd see the day!

[@reignyell3614]

@@DCfurnfe-vp1mz It depends on what part of Corona.South Corona is where the expensive houses are located especially Eagle Glen.

[@JasonWalter1]

Gotcha... thank you.

[@husbandandwifeteamak]

Great update on the California housing market! It's crucial to stay informed with these market trends :-)

[@Natedoc808]

completely artificial price bubble by regulatorily restricting supply by making it nearly impossible to build a home. In my county the average wait time for a building permit is 16months, a remodel permit is 11 months, and those permits are 25-50K$

[@JasonWalter1]

Wow those timelines are ridiculous.

[@RivIrie]

Exactly

[@ErnDogg209]

Construction is slowing down. I’m an equipment operator and I work from Bakersfield to the Oregon border and usually by this time of year there isn’t anyone on the out of work list at the union halls but there are a lot of people on the out of work list right now. Not a good sign.

[@nevinhamilton]

Where can I find a link to this power point I loved your video and subscribed. I wanted to include this information into my listing presentation to keep my sellers informed

[@davidonewayticket3388]

Thanks for the update 👍

[@JasonWalter1]

You bet

[@stevewoo8099]

idk.. i just got outbid for a mobile home.. i dont think cali will see a crash like other states

[@user-nx5fx5ky6u]

I think CA home price will crash but may not worse like other states. Price will drop.

[@DCfurnfe-vp1mz]

@@user-nx5fx5ky6u nope. cope.

[@JasonWalter1]

Thank you for commenting and sorry to hear you got outbid. Cali is doing much better than other states such as TX and FL.

[@johnnycastaneda2371]

I think Florida and Texas are the ones to keep an eye on

[@mattanderson6672]

Thank you Jason, brilliant analysis Appreciate you

[@JasonWalter1]

I appreciate you Matt! Thank you

[@209tapia]

Who is buying majority of residentials? First time buying or Redfin, Zillow’, etc….

[@JBoy340a]

By us in the Tri-Valley it seems that most of the sales that are going to happen have happened. Little new on the market. Could you perhaps add tracking of volume numbers on a finer grain? The demographics of cities in a county can differ quite a bit in 20-30 miles.

[@ZuluNation05]

Im seeing a lot of weekday open houses now in San Diego. For years it only seemed to be weekends only.

[@JasonWalter1]

Interesting. Probably agents trying to get new home buyer clients.

[@ZuluNation05]

@JasonWalter1 possible. Or they are trying to please their client since they aren't getting offers and other than marketing all you can do is more open houses.

[@seanyiya]

We are in Fullerton, last month house was sold $150k above asking price.. Prices are still going up and still low inventory… even $1.4 mil house under contract in 1 week just now, this house is completely original condition. Built 1960’s

[@kyolml]

also how come you said sales are slow and low when inventory rising, but both YTY and MTM are way higher than prior year and month? I think that means sales are fast compared to last year?

[@matthewphillips5483]

Not sure about a crash but I will say that there is no hurry to rush in right now. Build your credit, savings, reserves and wait until the right time for you. Don't buy into FOMO.

[@JaneTheDoe-id2vx]

i agree, strangely i’ve seen some california homes drop in price so i might want to pounce on the opportunity

[@tinyturbo317]

Will be moving to the west coast (Sacramento area) for work in January. I was on the fences of just renting, or buying. My reasons to rent and wait out the market is 1. Rent seems way cheaper than mortgage 2. Worried i buy and housing market drops drastically. In your honest opinion what would you suggest I do and have me consider??

[@Steverz32]

Happy nerdy Tuesday Jason!😊

[@JasonWalter1]

Happy nerdy Tuesday, Steve!

[@gingerlox1050]

@Jason Walter Hi! I have been wanted to post this for a while because I have noticed a major disconnect. Can you please look into this to see if you can find any data? For instance, you report the data as reported… all time record highs for home prices in California, etc. According to the data, a rental home that I purchased two years ago in June 2022 in the San Bernardino Mountains should be record level high in value. However, I have been tracking since I purchased. According to Redfin and Zillow estimates, values peaked around December 2022 and then again in June 2023. Ever since late summer last year, my estimate has gone from about 360k to as low as 300k and just recently bounced back to 320k. How is it all time record highs now if the all time record high value for my property was last summer? I’m not sure what’s going on, but there is a disconnect between the data being reported, the value estimates on Redfin and Zillow, and what the properties are selling for. There has to be a reason this is happening. Prices are not at all times highs in my area in San Bernardino County, when the data says it is. Please cover this Jason… it’s bothering me tremendously. 🤨

[@JasonWalter1]

Great question. The changes in the median sale price for the state as a whole or individual counties doesn't mean your home value changed by that amount. The median price just means that half of the homes sold for more than that and half sold for less. In order to determine the value of your home, you should look at comparable homes that sold recently within 1/4 to 1/2 mile ideally from your home. I also don't rely on online estimates b/c I find them to be wrong often.

[@RyuMoto]

Jason, do you have any data on private equity vs individual owners?

[@RyuMoto]

How much of these are bought by actual people?

[@lockup6104]

Mahalo J🤙🏽🌴🍍

[@JasonWalter1]

Aloha!

[@zj5267]

Texas housing market next please 🙏🏼

[@JasonWalter1]

Thank you for the request. It's been several months since I did one of those so I'll have a look. The Realtor's association in TX provides very limited data to the public and it's on a quarterly basis but I have some other resources I could use. In case you missed it, here's a video I posted a few weeks ago about Austin kzbin.info/www/bejne/qmi8YaKhYs19Z7c

[@JBoy340a]

@@JasonWalter1 you said. Buying a house in Texas you throw a dart to determine the right offer price. And sale prices are not disclosed. The taxing authorities make a psuedo-educated guess on property taxes. And often get it wrong.

[@zj5267]

@@JasonWalter1 Thanks for all you do, Jason. Austin has it’s own market trends. I am looking specifically for west Houston area. Appreciate all the insights you have been providing to the public 🙏🏼

[@tj2791]

I wish I could have sat next to you in high school algebra.

[@JasonWalter1]

haha! Thank you for that.

[@thomasp1673]

over priced fixers, owners who have never done one update in years. It cost a fortune now to do any renovation. Thanks to Bidumbnomics

[@straightdrive6192]

California is crazy , bidding war going on. A home got sold 400k over asking g for 2.7 million ( 5 bedroom 3000 sq ) prime area . Inventory in the Bay Area is depressing , nothing much to sell . Prices are going up crazy and bidding war everywhere. It’s a whole new world .

[@JBoy340a]

Kinda sounds like 2022 all over again with bigger numbers.

[@straightdrive6192]

@@JBoy340a only steroids . Think About prices when rates drop 😀

[@Kurplode]

In a few years the median household income will be $5 mil a year in the Bay Area to support the $32,000,000 entry level house.

[@straightdrive6192]

@@Kurplode Its possible, people are spending like crazy

[@House_hacker_619]

@@straightdrive6192I guarantee you a lot of these 1st time homebuyers who were able to buy comfortably in 2022 and chooses to wait because they listen to crashbros are kicking themselves now by not buying. I paid 685k with rate of 4.375 in August 2022. Now the house is worth 895k. If I buy this property at this current rate of 6.5-7%. I’m paying 3-3500k more on monthly payment. I’m totally priced out and no guarantees I’ll be able to find a cash property like this one. Now I was able to save over 85k on rental cash flow and I’m already paying principal. If I waited I just wasted 85-100k on rent, paying someone’s mortgage, missing out on equity, cash flow and priced out 😂. Oh HELL NO!!!!!

[@matthewsanders6499]

Just when you think California can't get more California, it out-Californias itself.

[@Truebaconluver]

pEoPLe aRe LeaViNg cAli....theyre bk

[@nitroneonicman]

Nah, just the rich getting richer

[@BayBrimsta]

We did it Joe, We did it.

[@mikeca98]

This is going to be a blood bath worse than 2008.

[@reignyell3614]

Yeah sure!😂😂

[@Truebaconluver]

Lol no

[@WillV_]

Most of my friends (early 30s) in SoCal that are looking to buy have 150-200k household incomes with large down payments. I think most people will just be priced out in CA rather than having a crash.

[@reignyell3614]

@@WillV_ That’s the reason why my wife and I didn’t wait to have a 20% down payment and just jump on the market with like 16% down or else will be priced out in the area we bought from.

[@PostprandialTorpor]

@@WillV_ exactly. I’m in the Bay Area and we are a 200k household. I’m targeting 700-900k households (trying to stay below 40% monthly income) but it’s hard as the bay is becoming all 1M-3M homes that only tech bros and other sectors with hyper inflated earnings can afford.

[@Steverz32]

1😊

[@JasonWalter1]

Good morning!

[@user-tc5ru7tb8g]

People who feared the pandemic lost big time. Homes will continue to rise after Trump victory. The economy will flourish like when he was president. Better buy as much possible. That’s my advice. I made hundreds of thousands since the pandemic.

[@ryanotis7289]

Dumb

[@ryanotis7289]

Inflation adjusted data is needed

[@jaydeeare285]

​@ryanotis7289 If core inflation is calculated based on housing how exactly does one "adjust" housing for inflation?