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Affordable Housing in California Reaches Record High in 2020

Affordable Housing in California Reaches Record High in 2020

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

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