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The Weekly ™

By G. David Lapin On July 11 2023

Here's your roundup of recent major news affecting California real estate, housing, and mortgages.

Home Prices Have Fallen in 20 Places

CALIFORNIA - Home prices have fallen in 20 places in california as of May 2023, here is the list:
 
20. Castro Valley May 2023 median sale price $1.137.144
YOY percentage change in home: - 10.23%
 
19. San Carlos May 2023 median sale price $2,329,827
YOY percentage change in home: -10.28%
 
18. South Lake Tahoe May 2023 $742,692 median sale price
YOY percentage change in home: -10.41%
 
17. Livermore May 2023 median sale price $1,090,315
YOY percentage change in home: - 10.41%
 
16. Santa Cruz May 2023 median sale price $1,351,582
YOY percentage change in home: -10.44%
 
15. Fremont May 2023 median sale price $1,454,926
YOY percentage change in home: -10.60%
 
14. Mountain view May 2023 median sale price $2,142,656
YOY percentage change in home: -10.65%
 
13. Willits May 2023 median sale price $338,831
YOY percentage change in home: -10.71%
 
12. San Anselmo May 2023 median sale price $1,681,816
YOY percentage change in home: -10.89%
 
11. Albany May 2023 median sale price $1,317,489
YOY percentage change in home: -11.24%
 
10. Berkeley May 2023 median sale price $1,512,749
YOY percentage change in home: -11.41%
 
9. San Mateo May 2023 median sale price $1,708,961
YOY percentage change in home: -11.49%
 
8. Oakland May 2023 median sale price $892,504
YOY percentage change in home: -11.94%
 
7. Alameda May 2023 median sale price $1,282,556
YOY percentage change in home: -12.12%
 
6. Pleasanton May 2023 median sale price $1,599,329
YOY percentage change in home: -12.14%
 
5. Palo Alto May 2023 median sale price $3,338,969
YOY percentage change in home: -12.80%
 
4. San Francisco May 2023 median sale price $1,418,416
YOY percentage change in home: - 13.04%
 
3. East Palo Alto May 2023 median sale price $976,698
YOY percentage change in home: -13.47%
 
2. Truckee May 2023 median sale price $1,050,673
YOY percentage change in home: -13.50%
 
1.Dublin May 2023 median sale price $1,341,498
YOY percentage change in home: -15.75%


REAL ESTATE - Office to industrial conversions are expanding in the OC. As more people have expanded their online shopping footprint so has Orange County’s office to industrial conversion expanded.
 
Vacancies for office space Orange County increased to 13.6% percent in the first quarter of this year, up from 11.9% percent in the same three months of last year. Companies have given up more than one million square feet of office space then they leased in the first quarter.
 
Most of the move outs were in the Irvine Spectrum, John Wayne Airport in Santa Ana, and South Coast Metro. Orange County’s office stats show less than 1 percent of industrial space was vacant in the first quarter and rents are still rising compared to the last 3 months of 2022.

MORTGAGE - Forecasted July interest rate increase. Fed chair Jerome Powell suggested that more rate hikes are likely on the way.
 
After June’s employment report was published several outlets have predicted a benchmark increase of 25 basis points may come during the reserve’s next meeting at the end of July.

 
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California Department of Real Estate, real estate broker license #01410448.
NMLS I.D. number: 337458

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