What’s New in California Real Estate in 2019
The year 2019 started off with California’s housing market dipping due to lack of supply. Three months down the line, the market seems to have gained the lost momentum, outperforming on sales in comparison to last six months. Active listings in Southern California has now increased by 30%. A recent statistic released by the Zillow indicated that home prices will see an increase of 7.3% in 2019. With some new projects around the block, here are the latest from the world of real estate in California.
Increase in demand for coastal Southern Californian properties Internationally
Forbes indicated that there has been an increase in demand for coastal Southern Californian properties. Especially by foreign investors, which has led to an increase in demand by more than 40%.
California home sales bounce back
After hitting an all-time low in January 2019, the real estate market seems to have picked the pace back up. According to the California Association of Realtors, there has been an ongoing growth in sales compared to the last six-month.
Housing affordability increases due to dipping interest rates
Home buyers are back in the market house hunting. Two key influencing factors are lower interest rates and stabilization of home prices. Housing affordability has improved, and the realtors are looking forward to spring home buying season. The 30-year fixed mortgage rate reduced to 4.17% from 4.4% and 15-year fixed mortgage rate dropped from 3.79% to 3.63%.
Major expansion plans for ‘Co-Living’ spaces
As an initiative to increase affordable housing projects, a new concept of “co-living” space is being introduced. Each tenant in the co-living space will have to own up to their lease. Combined with popular real estate developers in major parts of America including San Diego, major ‘co-living’ space expansion on $300 million worth of new properties.
22 new town homes coming to Anaheim, starting in mid-$500,000s
These three-story townhomes located in Anaheim is a part of the new Treviso community. With prices ranging from mid- 500,000’s, this gated community is set to open for sales in summer of 2019.
Feel free to contact any one of our local Remax Top Producer agents regarding any information about Southern California.