California real estate still sizzling
California "is one of the hottest housing markets in the country," according to Leslie Appleton-Young, chief economist for the California Assn. of Realtors. "It's exceeded all expectations."
In 2005, Appleton-Young thinks home prices will rise about 15%, but that sales in California of new and existing homes will drop about 2.5%.
This rise in home prices is expected to start driving more and more potential buyers out of the real estate market, particularly in high priced areas like Ventura and Orange counties. This trend has; however, pushed up the prices of Los Angeles, Riverside, and San Bernardino counties.
As mortgage rates start going up next year, albeit slowly according to most analysts, even fewer people will have the ability to buy into the California real estate market.
While less houses will be up for sale, home prices are not expected to be adversely affected in 2005.
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In 2005, Appleton-Young thinks home prices will rise about 15%, but that sales in California of new and existing homes will drop about 2.5%.
This rise in home prices is expected to start driving more and more potential buyers out of the real estate market, particularly in high priced areas like Ventura and Orange counties. This trend has; however, pushed up the prices of Los Angeles, Riverside, and San Bernardino counties.
As mortgage rates start going up next year, albeit slowly according to most analysts, even fewer people will have the ability to buy into the California real estate market.
While less houses will be up for sale, home prices are not expected to be adversely affected in 2005.
Need a Los Angeles California Real Estate Agent?
Need a Los Angeles California Mortgage Broker?
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