"Meek price movements are forecast for the firm's regional indexes of its home valuations. A 1% gain was the estimated median price change among the six Golden State metros in the report. That's a slight reversal from the 2.3% dip in the past year to a statewide median of $935,700. House hunters remain sidelined as affordability remains ridiculously out of reach. Plus, Zillow doesn't foresee mortgage rates below 6% next year. And don't forget that a wobbly economy with a challenging job market and stubborn inflation doesn't instill confidence in potential buyers either."
"A small value increase is forecast for four of the six California metros next year with the three largest projected gains coming from the south San Diego: 2.3% gain next year, the sixth-highest of the 50 U.S. metros. That follows a 2% dip in the past year to a $922,000 median value, fourth-highest nationally. And there's 23% less inventory vs. 2019. Inland Empire: 1.6% gain next year (No. 14) after 2% dip past year to $580,700 (No. 8) with 20% less inventory vs. 2019."
Zillow projects modest California home price changes for 2026, with a statewide median price of $935,700 after a 2.3% decline the prior year. The median estimated change among six large California metros is +1%, with four metros showing small gains and two declines. San Diego (+2.3%), Inland Empire (+1.6%), Los Angeles-Orange County (+1.2%) and San Jose (+0.7%) are forecast to rise, while San Francisco is expected to fall. Listings remain well below 2019 levels, mortgage rates are unlikely to drop below 6%, and affordability stays severely constrained amid a weak jobs environment and persistent inflation.
Read at www.ocregister.com
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