Zillow's latest forecast indicates a looming 1.9% nationwide decrease in home values, with California experiencing similar trends. Factors contributing to this decline include increased listings and high mortgage rates, currently averaging 6.87% for 30-year fixed loans. Rising inventory is giving buyers more choices and prompting sellers to lower prices to attract bids. Despite the dip in home values, Zillow projects a 3.3% rise in U.S. existing home sales for the year, exemplifying a mixed outlook for the real estate market.
The combination of rising available listings and elevated mortgage rates is signaling potential price drops by year's end, according to Zillow.
Though home values are dropping, Zillow expects U.S. existing home sales to rise 3.3% over the year.
The average 30-year fixed mortgage rate in California was 6.87%, as of Wednesday, April 30.
Home values in Ukiah are expected to drop about 9% from $480,126 to approximately $436,915 by March 2016.
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