Market Minute 

February 12, 2024 – Housing affordability continued to be an issue at the end of last year and will likely remain a challenge for many homebuyers in 2024. With rates expected to decline in the next 12 months, however, recent reports suggest that consumers are beginning to feel more positive about the current housing market conditions, and those on the sidelines could reenter the market if the economy remains healthy and rates continue their downward trend. Preliminary market data collected in the past few weeks also indicates that both sales and listings have been slowly improving since the end of 2023. If this market momentum continues, the California housing market could see an encouraging start for 2024.