There are some people who have not purchased homes because they are uncomfortable taking on the obligation of a mortgage. Everyone should realize,
Real Estate News
California's Median Home Price Surpasses $900,000: A New High in an Unaffordable Market
California’s median home price has crossed the $900,000 mark for the first time, reaching $904,210 in April 2024. This milestone follows a significant price surge, with a 5.8% increase in just one month and an 11% rise over the past year. The housing market’s affordability crisis continues, as the state recorded fewer than 300,000 homebuyers for the 19th consecutive month, well below the historical average of 402,000 monthly sales since 1990.
Reflecting on historical price thresholds, California’s housing market has seen substantial growth over the decades:
- $200,000 in March 1991
- $300,000 in March 2002
- $400,000 in August 2003
- $500,000 in April 2005
- $600,000 in May 2018
- $700,000 in August 2020
- $800,000 in March 2022
Each milestone reflects varying economic conditions and interest rates. For example, in March 2022, with historically low mortgage rates, monthly payments for the median-priced home were $3,119. By April 2024, higher mortgage rates of 7% have pushed monthly payments for a median-priced home to $4,785, a 53% increase from the previous threshold. The affordability crisis is compounded by the limited number of qualified buyers and the competitive market for a sparse inventory of homes.
Real Estate Blog
If you’re considering buying a home in a community governed by a Homeowners Association (HOA), you’re not alone. HOAs are common, offering a structured community environment with shared amenities and well-maintained surroundings. However, navigating life with an HOA can come with its own set of challenges and benefits. Here’s a handy guide to help you make the most of your HOA experience.
Navigating the world of home financing can be complex, especially when deciding between a mortgage broker and a mortgage banker. Understanding the distinctions between the two can help you make an informed choice that best suits your financial needs and goals.
As the effects of climate change continue to intensify, the repercussions are reverberating throughout various sectors, including the home insurance industry and the broader U.S. housing market. With each passing year, extreme weather events fueled by climate change are leaving an indelible mark on the affordability and availability of home and fire insurance across the nation.
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I met Mr Hyde in 2017 while searching for someone to help my sister in law who was in a financially challenging position
I was referred to Lamont Hyde from a neighbor of mine who had used him to purchase her home a few years back. My mother had past away a few months
My wife & I never thought we could afford to own our home. We were currently living with my mother since being married 8 years ago.
