California home prices have surged to an all-time high of $910,160 in April, marking a 2.9% increase from March. However, while prices are climbing, home sales dipped 3.4% compared to March. The California Association of Realtors attributes the slow start to the spring buying season to economic uncertainty and trade concerns. Despite rising prices, inventory increases suggest a moderation in future price growth. Mortgage rates are currently at an average of 7.03%, with expectations to decrease by the year's end, which may impact buyer demand.
Ongoing economic uncertainty has slightly dampened demand, while a steady rise in inventory has contributed to more moderate price growth this year.
As trade negotiations between the U.S. and its trading partners continue, we hope to see more clarity once these trade deals are finalized.
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