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Calif.’s high home prices driving people away

Posted by Mehran Aram on Thu, Oct 3, 2019 @ 06:10 AM

In a sampling of California voters, over half have said they have considered leaving the state, primarily because of the high cost of housing.

According to a new poll from the UC Berkley Institute of Governmental studies of registered voters in the Golden State, 24 percent of respondents say they have given “serious” consideration to leaving and an additional 28 percent have given “some” consideration to the idea.

Among the 52 percent who claim to have considered the notion, 71 percent claim it is the high cost of housing that is prompting them to think about relocating across state-lines. The poll found that this sentiment is shared by over 80 percent of people in their 20s and 30s.

Meanwhile, conforming no-point 30-year fixed mortgage rates are averaging 3.75 percent and 15-year rates are near 3.375 percent.

Do you have a question for Real Estate & Mortgage Analyst Mehran Aram? Submit your queries about a home purchase, refinance, or reverse mortgage via Aramco.Biz, social media (#AramcoReport), or over the phone at (866) 381-8888 and your questions may be featured in an upcoming article.

Topics: California, Mortgage rates, California Housing Market, California Home Prices, Golden State, Housing Cost

California lawmakers reach deal on rent control

Posted by Mehran Aram on Thu, Sep 5, 2019 @ 15:09 PM

Renters across California may soon find some relief from endless rent hikes as a result of an agreement reached between Governor Gavin Newsom and the Legislature. The proposal would cap the rate at which landlords can raise rent prices – a maximum of 5 percent plus inflation per year.

The bill now heads to both the State Senate and the Assembly for a vote. Although strongly opposed by landlords, should the bill pass as it is expected to do, would be a major victory for rents who have faced steep increases over the past several years. As more Californian’s found home prices unaffordable, demand for apartments increased, resulting in a rapid increase in lease costs.

Part of the compromise included an exemption on apartments built within the last 15 years from the rent cap – up from a period of 10 years proposed by tenant advocates earlier on.

Meanwhile, conforming no-point 30-year fixed mortgage rates are averaging 3.625 percent and 15-year rates are near 3.125 percent.

Do you have a question for Real Estate & Mortgage Analyst Mehran Aram? Submit your queries about a home purchase, refinance, or reverse mortgage via Aramco.Biz, social media (#AramcoReport), or over the phone at (866) 381-8888 and your questions may be featured in an upcoming article.

Topics: Mortgage rates, Rent Control, California Housing Market, Gavin Newsom, California Rent Prices, California Home Prices, Rent Hikes

Calif. home prices reach new peak

Posted by Mehran Aram on Sat, Jun 22, 2019 @ 07:06 AM

The median home price in California reached another peak in May according to the California Association of Realtors. This marks the second consecutive month in which home prices in the Golden State reached a new high. Prices reached a new-all time high in May - beating the record the prior month – as the median home price climbed to $611,190. This is up 1.4 percent from April’s $602,920 and 1.7 percent higher than the $600,860 median in May 2018.

In San Diego, the median sold price of existing single-family homes was $650,000, up on both a monthly and yearly basis.

Home sales in May also improved over April as the summer home buying season kicked into high gear. But the affordability crunch brought on by the record-high home prices were reflected in year-over-year sales which were down 0.6 percent from May 2018.

Today, conforming no-point 30-year fixed mortgage rates are averaging 3.875 percent and 15-year rates are near 3.375 percent.

Do you have a question for Real Estate & Mortgage Analyst Mehran Aram? Submit your queries about a home purchase, refinance, or reverse mortgage via Aramco.Biz, social media (#AramcoReport), or over the phone at (866) 381-8888 and your questions may be featured in an upcoming article.

Topics: home sales, California, California Association of Realtors, Single Family Home, Mortgage rates, California Housing Market, San Diego Housing Market, Existing Homes, San Diego Home Prices, California Home Prices, California Median Home Price, Golden State