Retreating home prices and slightly lower interest rates improved the outlook for more California homebuyers in the first quarter of 2023, boosting housing affordability to its highest level in a year. The California Association of Realtors (C.A.R.) reported that this improvement has led them to revise their 2023 Housing Market Forecast, projecting existing single-family home sales will reach 279,900 units by the end of 2023 – an 18.2% decrease from 2022’s 342,000 units sold figure.
The median price for homes across California is expected to drop 5.6%, settling at $776,600 by December 2021 – down from last year’s annual median figure of $822,300; however this revised projection is an increase on C.A.’s October 2020 estimate which had forecasted a statewide median price point at $758
