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California had a good start in 2024 with both housing supply and buyer demand showing signs of improvement in January. While the market will likely face headwinds in the coming months as mortgage rates continue to fluctuate, the lending environment is expected to be more favorable in 2024. Rates will ease again as inflation stabilizes in the second quarter and the market could see more pent-up demand being converted into sales in the spring homebuying season.

Median price dips from the prior month but registers another annual gain in January:

The statewide median price of existing single-family homes dipped below the $800,000 benchmark for the first time in ten months but continued to record a modest year-over-year gain in January. All major regions except the Far North increased in their median price from a year ago at the start of 2024. Despite mortgage rates rising in the last few weeks, home prices should remain on their upward trend and continue to grow moderately from a year ago in the next couple of months as housing supply remains tight.              (February 19, 2024)

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  1. Referring agent is entitled to a 50% referral fee of the total net commission after company dollars have been collected, based on the customer/principal side of the transaction.
  2. The referral fee on each customer/Principle will only be valid from transactions closed within a 12-month period of the initial referral request submitted.
  3. Referring agent license registration with the Company must be current at the time of referral fee disbursement.
  4. Terms and conditions may be modified by management without further notice. See the compensation exhibit and fee schedule on Virtual Agents for pricing details.

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