California Housing Market Update – November 2024
As Americans head to the polls, the economy remains strong despite a mixed October jobs report and mortgage rates stabilizing above 7%. The Federal Reserve is expected to cut rates for the second time this year, which could impact mortgage trends. October’s job growth was slower than expected, largely due to strikes and weather, but the market reacted positively as consumer spending and business investments remained robust, with GDP growth at a healthy 2.8% in Q3. Consumer confidence surged to its highest level in nine months, reflecting optimism in the economy.
The housing market shows signs of cooling, with a slight dip in home equity in Q3, though nearly half of mortgaged homes are still considered “equity-rich.” California continues to lead with high equity-rich properties. However, mortgage applications are down, impacted by elevated rates, while consumer interest in purchasing a home increased in October.
LOCAL Santa Clara County Market Update (Including September)
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