The California Association of Realtors is predicting another tough year for the state’s housing market in 2017. HousingWire reporter Brena Swason writes that 2017 is expected to be filled with more supply shortages and affordability constraints.
The "2017 California Housing Market Forecast" states that affordability is only going to get worse, even though affordability is California real estate agents' No. 1 concern for the market.
"Next year, California's housing market will be driven by tight housing supplies and the lowest housing affordability in six years,” said CAR President Pat "Ziggy" Zicarelli.
However, he added, "The market will experience regional differences, with more affordable areas, such as the Inland Empire and Central Valley, outperforming the urban coastal centers, where high home prices and a limited availability of homes on the market will hamper sales.”
“As a result, the Southern California and Central Valley regions will see moderate sales increases, while the San Francisco Bay Area will experience a decline as home buyers migrate to peripheral cities with more affordable options," said Zicarelli.