California’s housing market continued to improve in January as buyers gained more confidence in purchasing a home and the affordability outlook improved slightly. Monthly sales may have been nominal for the past few months, but the market appears to be heading in the right direction. Home prices are expected to remain soft and less expensive homes will be easier to sell, especially in the San Francisco Bay Area according to the California Association of Realtors’ chief economist.
California home sales inched up in January for the second straight month as prices moderated somewhat. Sales of single-family homes were up 0.4% from December. The median time to sell a home in California was 33 days in January 2023, compared to the 12 days in 2022.
January’s statewide median home price was $751,330, down just 3% from December 2022. Given the huge appreciation homes acquired over the past couple of years, this decline could be viewed as negligible.
All in all, real estate through California remains a strong investment – for personal home buying, 2nd home buying, purchasing rental properties or even investing in Deeds of Trusts. Anyone needing fast financing or having difficult qualifying for home loans elsewhere, should check out Private Money or Hard Money loans. These fast and alternative mortgages from Sun Pacific Mortgage have assisted over 10,000 Borrowers over the past 35 years.
Give us a call at 707-523-2099 to see how we might be able to assist you personally or assist a client or visit our website at www.sunpacificmortgage.com. We are also open for seasoned Private Lenders and individuals interested in investing in Deeds of Trust, earning higher returns.