The California housing market kicked off the year with a weak start but has been improving throughout the last five months. With interest rates trending down since the end of 2018 and likely to remain below last year’s level for the rest of 2019, the outlook is brighter than originally anticipated at the beginning of the year...
The U.S. average rent increased by 3.2% ($45) year over year reaching $1,465 in June 2019, up by 0.8% ($12) month over month, according to Yardi Matrix data.
Foster City, CA, renters saw the highest monthly rent increase in June, reaching $3,536 per month.
Menlo Park, CA apartments are the most expensive among the cities analyzed, while apartments in Vallejo, CA have the cheapest rents.
California’s housing market will post a nominal increase in 2017, as supply shortages and affordability constraints hamper market activity. The C.A.R. forecast sees a slight increase in existing home sales of 1.0 percent next year to reach 426,200 units.
2018 California Housing Market Forecast by Leslie Appleton-Young: