C.A.R.’s “2020 California Housing Market Forecast” sees a small uptick in existing single-family home sales of 0.8 percent next year to reach 393,500 units, up from the projected 2019 sales figure of 390,200. The California median home price is forecast to increase 2.5 percent to $607,900 in 2020, following a projected 4.1 percent increase from last year to $593,200 in 2019.
- The average for 30-year, fixed mortgage interest rates will dip to 3.7 percent in 2020, down from 3.9 percent in 2019 and 4.5 percent in 2018 and will remain low by historical standards. With the market slowing down and interest rates still very low, buying a home
- 64% of analysts predict Bay Area home prices will lag the nation….and may even fall some
Is A Recession on the Horizon?
Every year there is talk of a recession mainly based on the premise that the economy has been so great for the last seven to eight years and “it must be time”. Yet there is agreement if in 2020 there is a recession, the housing market will not be that affected.