For the second month in a row, the number of homes just listed for sale California-wide has gone up. About half of the listings are selling for above the list price. Average sales prices are also still slightly on the rise with a 6% gain since last year during the same timeframe. Days on market is down from the same time period last year. Demand is still exceeding supply, and many are concerned that high-income earners are driving up the prices of homes with fewer residents able to afford a median-priced property.

Next week a group of California legislators will meet in the Capitol regarding the housing shortage and also housing affordability. Any regulatory barriers that stand in the way of housing development will also be discussed.

This summer the largest insurer in California State Farm will be dropping an estimated 30,000 policies. Is yours one of them? The Chronicle has provided a lookup function so you can check your address. Most of the addresses to be dropped are in Contra Costa County, the Santa Cruz Mountains, and Sonoma and Los Angeles Counties. (Please see below at the end of the article for the lookup link)

Mortgage rates for a 30-year rose to around 7.5%, which is the highest we've seen since November 2023. This is up from the mid 6% level that we saw in January. Rate drops are not projected to happen until the latter part of the year, if at all. Surprisingly, mortgage applications for home purchasing still rose 5% compared to a week ago.

 

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Written by Kelsey Lane

Sources: CNBC, MSN, Newsweek, San Francisco Chronicle, California Association of Realtors

Link for looking up insurance non-renewals: https://www.sfchronicle.com/projects/2024/ca-statefarm-nonrenewal-map/