When Is the Best Time to Buy a House in California in 2024? (2024)

FAQs

When Is the Best Time to Buy a House in California in 2024? ›

Yes. This is the best time to buy a house in California. With the current trend in the CA housing market, you'll find better deals on your dream home during Q2 2024. As per Fannie Mae, mortgage rates may drop more in Q2 of 2024 due to economic changes, inflation, and central bank policy adjustments.

CAR felt optimistic in its 2024 housing market forecast with falling mortgage rates, rising prices, economic expansion, and with demand for homes strong. Home prices are predicted to rise 6.2% to a record median price of $680,300 next year. Housing affordability will remain flat.

Many prospective homebuyers chose to wait things out in 2023, in the hopes that 2024 would bring a more advantageous market. But so far, with mortgage interest rates still relatively high and housing inventory stubbornly low, it looks like 2024 will remain a challenging time to buy a house.

The general consensus is that housing prices will not be dropping in 2024. The majority of forecasts indicate that house prices in the US are expected to rise or remain stable in 2024.

Best Time to Sell Your House for a Higher Price

April, June, and July are the best months to sell your house in California. The median sale price of houses in June 2023, was $796,400, which is expected to grow more in 2024. However, cities like Arcadia and San Mateo follow an upward trend throughout the year.

Slower economic growth and cooling inflation will bring down mortgage interest rates in 2024 and create a more favorable market environment to spur California home sales next year, according to a housing and economic forecast released by the CALIFORNIA ASSOCIATION OF REALTORS (C.A.R.).

"2024 is bound to be a better year for homebuyers, if only because of how terrible 2023 was," says John Graff, CEO at Ashby & Graff Real Estate. Graff anticipates falling interest rates and increasing inventory could result in more opportunities for homebuyers in the months ahead.

Mortgage rates can vary greatly depending on the type of loan, the lender, and the current market conditions. You'll likely see increases in mortgage payments in 2024 – whether you're refinancing to a new deal or defaulting to your bank's standard variable rate (SVR) - because interest rates have gone up.

And as you might imagine, recessions are a risky time to buy a home. If you lose your job, for example, a lender will be much less likely to approve your loan application. Even if a recession doesn't affect you directly, if your area is hard-hit, that could have a serious effect on the local real estate market.

Will the economy boom in 2024? ›

Global GDP growth to slow in 2024

Global growth is forecast to slow to 2.5% in 2024, from 2.7% in 2023. We expect 2024 to be a pivotal year as consumption rebalances from services to goods and investment accelerates with easing monetary conditions.

By 2025 through 2028, given the large run-up from 2021 through 2023, home prices are predicted to rise more gradually at about a percentage point above the rate of inflation, for an estimated increase of 13% to 14% from 2023 levels.

Housing Market Forecast 2026: Will Prices Rise or Fall

In 2026, the housing market is expected to continue its upward trend, with home prices rising at a moderate pace. The pent-up demand for housing is expected to be supplied between 2025 and 2030, according to the National Association of Home Builders.

With the current trend in the CA housing market, you'll find better deals on your dream home during Q2 2024. As per Fannie Mae, mortgage rates may drop more in Q2 of 2024 due to economic changes, inflation, and central bank policy adjustments.

Analysts project 11.5% earnings growth and 5.5% revenue growth for S&P 500 companies in 2024. Fortunately, analysts see positive earnings and revenue growth for all eleven market sectors this year.

Summary: The CPI and PCE increased 3.5% and 2.7%, respectively, year on year in March 2024. The PCE Index is projected to fall to 2.1% by fourth-quarter 2024, averaging 2.3% for the year. Supply chain improvements and falling housing prices have yet to be fully reflected in inflation numbers.

In California, for example, median housing prices are projected to drop by 1.5% in 2023 compared to 2022. Yet home prices are then expected to rise by 6.2% in 2024, according to the California Association of Realtors. Meanwhile, prices in markets like New York are already dropping, though the specifics still matter.

Key takeaways. Late spring and early summer are generally considered the best times to sell a house. Traditionally, low mortgage rates and short supply make it a good time to sell.

Logan Mohtashami, lead analyst for HousingWire, a trade publication for mortgage, real estate, and housing professionals told USA TODAY that California has been ineffective in lowering the cost of living because not enough homes are being built. That means there is more demand for homes than supply.