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Apache is functioning normally

Apache is functioning normally

Buying a house in Michigan can be an exciting and fulfilling experience. Known for its diverse landscapes, vibrant cities, and affordable housing options, Michigan offers prospective homebuyers a range of opportunities. Whether you’re looking for charming suburban homes in Grand Rapids, a bustling urban condo in Ann Arbor, or a serene rural retreat, Michigan has something to offer. However, navigating the homebuying process in Michigan requires careful consideration of factors such as location, market conditions, financing options, and legal requirements. Understanding the local real estate market, working with knowledgeable professionals, and conducting thorough research is vital to making informed decisions and finding the perfect home in Michigan.

If you’re a first-time homebuyer and want to know more about the market, Redfin has your back. From market insights to the homebuying process, read on to get started.

What’s it like to live in Michigan?

Michigan is known for its breathtaking natural beauty, including the Great Lakes, stunning forests, and picturesque landscapes. Residents can enjoy various outdoor activities like hiking, camping, boating, and skiing. Furthermore, Michigan boasts excellent educational institutions, including renowned universities like the University of Michigan and Michigan State University. The cost of living in many areas of Michigan is relatively affordable compared to other states, allowing residents to enjoy a comfortable lifestyle. Check out this article to learn more about the pros and cons of living in Michigan.

Michigan housing market insights

The housing market in Michigan continues to show increased median sale prices. As of recent data, the median sale price stands at $252,200, reflecting a 1.6% year-over-year increase. However, Due to the growth in prices, certain metros within the state are experiencing high levels of competition. Areas such as Fraser, Walker, and Clawson have become particularly competitive for homebuyers. Additionally, the number of homes available for sale has declined, down 8.3% year-over-year. This reduced inventory can contribute to a more competitive market and potentially drive up prices further. These insights indicate a dynamic housing market in Michigan, with rising costs, pockets of intense competition, and limited inventory, making it essential for prospective buyers to stay informed and be prepared for the market’s challenges and opportunities.

Finding your perfect location in Michigan

Finding the perfect location in Michigan is crucial when buying a house in the state. Michigan offers a diverse range of communities, each with its unique characteristics and amenities. Factors such as proximity to schools, job opportunities, recreational activities, and community services play a significant role in determining the suitability of a location.

If you’re between two cities you love, don’t fret; using tools like a cost of living calculator will provide insight into which city aligns with your budget. And to help you get started, we’ve compiled a list of five sought-after Michigan cities, highlighting market insights and their unique offerings.

#1: Detroit, MI

Median home price: $75,000
Detroit, MI homes for sale

As the largest city in Michigan, moving to Detroit offers a unique experience that is shaped by its rich history, cultural diversity, and ongoing revitalization efforts. Detroit’s sports culture runs deep, with passionate fan bases for teams like the Detroit Tigers, Pistons, and Red Wings. Additionally, Detroit’s revitalization efforts have led to the revitalization of neighborhoods such as Midtown and Corktown, where new businesses, art galleries, and entertainment venues have emerged.

#2: Kalamazoo, MI

Median home price: $190,500
Kalamazoo, MI homes for sale

The cost of living in Kalamazoo, MI is 21% lower than the national average, perfect for those on a budget. The city is known for its lively arts scene, with the Kalamazoo Institute of Arts, the Kalamazoo Symphony Orchestra, and numerous theater companies providing a rich cultural experience. Residents can explore the vibrant downtown area, filled with local shops, restaurants, and breweries, including the popular Bell’s Brewery. Kalamazoo offers a range of outdoor recreational activities, with parks, hiking trails, and proximity to scenic areas such as the Kalamazoo River Valley Trail and the Kal-Haven Trail. So if you’re looking for a small town with a low cost of living, moving to Kalamazoo could be for you.

#3: Grand Rapids, MI

Median home price: $290,000
Grand Rapids, MI homes for sale

Moving to Grand Rapids offers a rich and fulfilling experience with a unique blend of urban amenities and natural beauty. Grand Rapids is known for its thriving craft beer scene with numerous breweries and festivals. It was even named Beer City, USA. The city boasts a rich cultural landscape, including the renowned Frederik Meijer Gardens and Sculpture Park, the Grand Rapids Art Museum, and the Gerald R. Ford Presidential Museum. With a strong emphasis on the arts, Grand Rapids hosts ArtPrize, one of the world’s largest art competitions.

#4: Novi, MI

Median home price: $390,000
Novi, MI homes for sale

Moving to Novi offers a delightful experience with its upscale shopping destinations. You’ll find the Twelve Oaks Mall and the luxurious Novi Town Center, providing residents with a wide range of shopping and dining options. The city also boasts several parks and recreational areas, including the picturesque Lakeshore Park, which offers trails, picnic spots, and beautiful views of Walled Lake. Moreover, Novi is renowned for hosting the annual Michigan State Fair, a lively event showcasing agricultural exhibits, captivating entertainment, and exhilarating rides.

#5: Ann Arbor, MI

Median home price: $496,250
Ann Arbor, MI homes for sale

As the home of the University of Michigan, Ann Arbor has a lively and intellectual atmosphere. The city is renowned for its top-tier education, world-class research facilities, and a strong emphasis on innovation and entrepreneurship. Residents can take advantage of various cultural events, including the Ann Arbor Film Festival, the Ann Arbor Art Fair, and the renowned University Musical Society, which brings diverse performing arts to the community. The vibrant downtown area is filled with local shops, restaurants, and cafes, creating a lively and welcoming environment for anyone moving to Ann Arbor.

The homebuying process in Michigan

Let’s explore the homebuying process if you’re ready to put down roots in Michigan.

1. Prioritize your finances

Prioritizing your finances when buying a home in Michigan is crucial for several reasons. First and foremost, it ensures that you can comfortably afford the financial obligations associated with homeownership. By assessing your income, expenses, and budget, you can determine a realistic price range and avoid overextending yourself financially. Along with prioritizing your finances to help secure a favorable mortgage loan with competitive interest rates and terms. If you’re not sure where to start, using tools like an affordability calculator will point you in the right direction.

Various programs are available for first-time homebuyers in Michigan, including the MI Home Loan, which can assist with up to $7,500 in down payment assistance.

2. Get pre-approved from a lender

Getting pre-approved from a lender is an essential first step when starting the homebuying journey. By seeking pre-approval, you gain a clear understanding of your budget and financial limitations, which allows you to search for homes within your price range. Pre-approval involves a lender evaluating your financial situation, credit history, and income to determine the loan amount you qualify for. 

3. Connect with a local agent in Michigan

When buying a house, connecting with a local real estate agent in Michigan is essential, as they bring valuable expertise, guidance, and local market knowledge. A local agent understands the nuances of the Michigan real estate market, including neighborhood trends, property values, and inventory availability. They can help you identify suitable neighborhoods that align with your preferences and budget. So whether you’re looking for real estate agents in Grand Rapids or agents in Detroit, they’re here to help.

4. Start touring homes

Touring homes is a crucial step in the homebuying process, as it allows you to experience and evaluate properties first hand physically. It provides an opportunity to assess a home’s condition, layout, and overall appeal before making a purchasing decision. During home tours, paying attention to several key factors is essential. First, consider the home’s structural integrity and potential maintenance issues. Look for signs of water damage, cracks in the foundation, or any other red flags that could indicate significant repairs or maintenance expenses down the line. 

5. Make the offer

Making an offer signifies the buyer’s serious intent to acquire the home and initiates the negotiation phase. When crafting an offer, prospective buyers must consider the property’s market value, comparable sales in the area, the seller’s asking price, and their budget and preferences. The offer should be presented in writing and include essential details such as the proposed purchase price, desired contingencies, and the seller’s response deadline. 

6. Close on the house

The closing process is the final stage, where all the necessary legal and financial transactions are completed, and property ownership is officially transferred from the seller to the buyer. During the close, various important tasks take place, including reviewing and signing the final purchase agreement, verifying the title and property records, completing the mortgage paperwork, and paying closing costs and fees. Additionally, the close allows the buyer to conduct a final walkthrough of the property to ensure its condition is as expected.

If you’re new to the process, Redfin has insights for you. The First-Time Homebuyer Guide has everything you need to know about each step of the process.

Factors to consider when buying a house in Michigan

When going through the homebuying process, you’ll want to understand the unique considerations of buying a home in Michigan.

Water rights

Michigan has strict regulations regarding water rights, particularly in properties with access to lakes, rivers, or streams. When purchasing a house, understand the extent of your water rights, restrictions, and availability for everyday use or irrigation.

Flood risks

Michigan faces significant flood risks due to its unique geographical features and weather patterns. The presence of the Great Lakes exposes many areas to potential flooding. Additionally, Michigan has numerous rivers, streams, and inland lakes, which can contribute to the likelihood of flooding during heavy rainfall or snowmelt events. The state’s climate, characterized by cold winters and frequent precipitation, can lead to rapid snow accumulation and subsequent spring thaws, increasing the risk of flooding. Knowing if your house is in a flood zone is essential, so you can be prepared.

Dual agency

A dual agency is permitted when buying a house in Michigan. A dual agency is when a real estate agent or broker represents the buyer and seller in the same transaction. In Michigan, this practice is allowed as long as it is disclosed and agreed upon by all parties involved. However, it is advisable for buyers to carefully consider the implications of dual agency, as the agent’s loyalty and fiduciary duty may become divided between the buyer and the seller.

High closing costs

Michigan is known for having relatively high closing costs when buying a home. On average, homeowners will spend around $5,714. Closing costs encompass various fees and expenses that buyers incur during the final stages of a real estate transaction. In Michigan, these costs typically include property taxes, title insurance, attorney fees, appraisal fees, loan origination fees, and recording fees.

Buying a house in Michigan: Bottom line

Michigan’s real estate market provides a diverse selection of housing options, encompassing both affordable areas and higher-priced cities. The affordability and availability of homes depend on factors such as location, market conditions, and individual budgets. To navigate this market successfully, it is crucial to conduct thorough research on the desired area, track market trends, and assess personal financial readiness, including credit score and down payment savings. By gaining a comprehensive understanding of the homebuying process, you can embark on your journey towards homeownership in Michigan with confidence.

Buying a house in Michigan FAQ

What credit score is needed to buy a home in Michigan?

The credit score needed to buy a home in Michigan, as in any other state, can vary depending on the lender and the type of mortgage loan. However, generally speaking, a higher credit score is advantageous when applying for a mortgage. Most conventional lenders prefer borrowers to have a credit score of 620 or higher. This shows a strong credit history and a lower loan default risk. Additionally, loan programs are available that cater to borrowers with lower credit scores, such as FHA loans, which typically require a credit score of 500 or higher. 

What is the required down payment for buying a house in Michigan?

The down payment required to buy a house in Michigan, as in other parts of the United States, can vary depending on several factors, including the type of mortgage loan you’re using and the lender’s requirements. Typically, conventional mortgage lenders may require a down payment of 3% to 20% of the home’s purchase price. For example, if you’re buying a $200,000 home, a 3% down payment would amount to $6,000, while a 20% down payment would be $40,000. However, it’s important to note that there are loan programs available that may require lower down payments. For instance, FHA loans often require a down payment of 3.5% of the purchase price, while VA loans and USDA loans offer the option of zero down payment for eligible borrowers. 

Are home prices affordable in Michigan?

Whether buying a house in Michigan is considered cheap depends on various factors, including the specific location within the state, the local real estate market conditions, and individual budget constraints. For example, in Kalamazoo, housing costs 47% less than the national average, whereas housing in Ann Arbor is 16% more than the national average. As a whole, Michigan has been known to offer more affordable housing options compared to some other states in the United States. However, prices can still vary significantly depending on the city or region. Consulting with a local real estate agent or professional can provide valuable insights into the desired area’s current market conditions and pricing trends.

Source: redfin.com

Apache is functioning normally

Apache is functioning normally

More than three quarters of homeowners across 20 large metro areas agree local governments should do more to keep housing affordable, and most agree that allowing more building would help, according to a new Zillow survey.

But while there is meager support for new large multifamily buildings, more than half of homeowners say they and others should be allowed to convert their homes to create additional housing.

That’s according to the latest Zillow Housing Aspirations Report, which asked homeowners for their feelings about how best to help quell affordability issues by allowing more homes into their neighborhoods, and comes as in-law suites and backyard cottages gain attention as possible solutions to sharply rising housing costs. Previous Zillow research has shown that even modest rezoning to allow for more accessory dwelling units – creating two, three or four dwellings where only one sits now – could spur the creation of millions of new homes nationwide.

This kind of mid-density is often referred to as “missing middle” housing, slotted between single detached homes and much larger apartment complexes of several hundred units. “Missing middle” units are the only type of home to have gotten more affordable in the past year, but very few have been built in the past 20 years compared to previous decades: They make up only 4.3% of homes built since 2000 compared with 8.2% in the 1980s.

In
all, 57% of those surveyed agreed that homeowners should be able to
add additional housing on their property, and 30% said they would be
willing to invest money to create housing on their own property if
allowed.

The
strongest support comes from younger and lower-income homeowners and
those in the West, where housing tends to be the most expensive. The
highest support was in the San Diego (70%), Seattle (67%) and San
Francisco (64%) metros, and the lowest was in the Detroit (47%),
Phoenix (50%) and Dallas (51%) areas.

Support
also was strongest among homeowners of color – two-thirds (67%) of
Black homeowners supported this type of density, compared with just
over half (54%) of white homeowners – perhaps because of persistent
homeownership gaps due in large part to historical discriminatory and
exclusionary housing policies.

Advocacy
was more muted for larger multifamily buildings. Only 37% of
homeowners surveyed said they would support a large apartment
building or complex in their neighborhood – and that support was more
starkly divided among generations. Nearly 60% of younger homeowners
(18-34) were open to large buildings, compared with only a quarter of
those 55 and older.

Overall
support for development of these larger apartments is highest in the
Chicago (47%), Miami (45%), Washington, D.C. (44%), and San Francisco
(43%) metro areas, and lowest in the Atlanta metro (29%).

However
housing comes about, more than three-quarters of homeowners surveyed
said single-family neighborhoods should remain that way, with more
older homeowners (81%) agreeing than younger homeowners (69%). And a
little more than half said adding homes was acceptable if they fit in
with the general look and feel of the neighborhood. Homeowners
expressed concern about the impact of more homes on traffic and
parking, with 76% saying that it would have a negative impact. About
half said it would have a positive impact on amenities and transit.

“In
an era of historically low supply and escalating housing prices, the
need for more solutions to create housing opportunities is greater
than ever. Our latest research shows that homeowners in major markets
are generally supportive of providing a range of housing options that
allow for not only more housing units, but also a diversity of
housing types in existing communities,” said Zillow senior
economist Cheryl Young. “Homeowners may continue to shy away
from adding large multifamily buildings nearby, but are open to
adding units in their own backyards. This ‘missing middle’ housing,
they believe, could help alleviate the housing crunch without
sacrificing neighborhood look and feel while improving local
amenities and transit. These findings show that broad-based support,
especially from homeowners, provides the middle ground necessary to
move the needle needed to bring relief to the housing crunch.”

Additional
Zillow research has shown that “missing middle” homes tend
to be more affordable. Renting a home in a 2-, 3-, and 4-unit
building is less expensive than a single-family house in 42 of the
largest 49 metros with available data.

Accessory
dwelling units also seem to be becoming more popular. While “in-law
units” and “cottages” are the most common listing
terms nationally for secondary units on Zillow, the term “ADUs”
rose to 5.7% in 2019 from 1.2% of listings in 2015. The share of
listings mentioning a secondary housing unit in any way rose from
1.7% of all listings to 1.9%. And the shift to using the term “ADU”
indicates that officially sanctioned secondary units are fast
becoming a valuable selling point.

Mike Wheatley is the senior editor at Realty Biz News. Got a real estate related news article you wish to share, contact Mike at [email protected]
Latest posts by Mike Wheatley (see all)

Source: realtybiznews.com

Apache is functioning normally

Apache is functioning normally

One of the first things that comes to mind about the state of California is its Pacific Ocean views and sunny beaches. With magnificent waves and sandy coves, boating and surfing, sightseeing and fishing, the picturesque California beach towns are top-tier. Whether you’re looking to move to California or want to relocate to a quaint coastal city, there are plenty of options to check out in the state.

But if you’re not sure where to start on your hunt for your favorite California beach town, we’re here to help. Redfin has put together a list of the 21 beach towns in California, from Mendocino to Long Beach. Let’s dive into some of California’s top beach cities, listed from north to south, so you can find the right place for you.

Northern California beach towns

#1: Crescent City

Median home price: $315,000 
Crescent City, CA homes for sale
Crescent City, CA apartments for rent

Starting off our list in Northern California is Crescent City, located just north of Del Norte Coast Redwoods State Park. You’ll find there are plenty of beaches to explore while living in Crescent City, such as Battery Point Beach and Pebble Beach. About 6,700 people live in this coastal California town. In Crescent City, you can walk along the B-Street Pier and the Point St. George Beach Trails, check out Beachfront Park, and explore the downtown area.

#2: Shelter Cove

Median home price: $425,000 
Shelter Cove, CA homes for sale
Shelter Cove, CA apartments for rent

Another one of Northern California’s great coastal towns to consider buying a home in is Shelter Cove. Home to just 860 people, there are plenty of beaches to visit like Black Sands Beach, Cove Beach, and Little Black Sands Beach. Some popular things to explore in Shelter Cove include hiking the Black Sands Beach Trail, stopping by the Cape Mendocino Lighthouse, and exploring the downtown area.

#3: Mendocino

Median home price: $958,000 
Mendocino, CA homes for sale
Mendocino, CA apartments for rent

Mendocino has just about 700 residents – and amazing views of the Pacific Ocean. There are lots of beaches to explore on a warm California day, like Agate Beach and Big River Beach. Make sure to hike along the Point Mendocino Trail, explore the Mendocino Headlands State Park, and check out cafes and markets downtown if you move to Mendocino. 

#4: Half Moon Bay

Median home price: $1,665,000 
Half Moon Bay, CA homes for sale
Half Moon Bay, CA apartments for rent

Home to beautiful beaches like Dunes Beach, Francis Beach, Half Moon Bay Beach, Miramar Beach, Poplar Beach, Roosevelt Beach, Surfer’s Beach, Vallejo Beach, Venice Beach, and Wavecrest Beach, there are countless places to spend a beach day. With roughly 11,400 residents in Half Moon Bay, make sure to also hike the California Coast Trail, camp at one of the beachside campgrounds, or stroll through downtown and grab some fresh seafood.

#5: Santa Cruz

Median home price: $1,607,500 
Average rent for a one-bedroom apartment: $3,951 
Santa Cruz, CA homes for sale
Santa Cruz, CA apartments for rent

The iconic coastal town of Santa Cruz has about 61,900 residents, making it another great place to add to your list. You’ll find stunning beaches such as Cowell Beach, Lighthouse Field State Beach, Mitchell’s Cove Beach, Natural Bridges State Beach, Santa Cruz Beach, and Seabright Beach. After moving to Santa Cruz, you can spend the day at Santa Cruz Beach Boardwalk, enjoy nature at the Natural Bridges Monarch Trail, and check out downtown Santa Cruz where you’ll find farm-to-table restaurants and local surf shops.

#6: Monterey

Median home price: $958,750 
Monterey, CA homes for sale
Monterey, CA apartments for rent

Home to roughly 29,900 people, Monterey is a great beach town to consider renting or buying a home in. Some beaches you can visit include Del Monte Beach, Monterey State Beach, and San Carlos Beach. In addition to their beaches, there are plenty of activities to do in this coastal city. You can explore the famous Monterey Bay Aquarium, check out the shops and fish restaurants along Fisherman’s Wharf, and explore the historic spots in Cannery Row, among many other local favorites.

Central California beach towns

#7: Cambria

Median home price: $769,000 
Cambria, CA homes for sale
Cambria, CA apartments for rent

With a population of about 5,600, Cambria is a charming coastal area to live in, located in the heart of the central California coast. There are plenty of beaches to explore as well, specifically Moonstone Beach. Make sure to take a tour of the expansive Hearst Castle, enjoy one of the amazing restaurants in Downtown, or hike the Bluff Trail or Santa Rosa Creek Trail once moving here.

#8: Morro Bay

Median home price: $1,007,500 
Morro Bay, CA homes for sale
Morro Bay, CA apartments for rent

Morro Bay has stunning beaches such as Morro Rock Beach and Morro Strand State Beach, perfect for soaking up the sun or venturing out into the surf. Make sure to explore Morro Rock and see the otters playing in the water, grab some fresh seafood for lunch or dinner in downtown Morro Bay, and check out Morro Bay State Park if you decide this beach town is right for you.

#9: Pismo Beach

Median home price: $960,000 
Pismo Beach, CA homes for sale
Pismo Beach, CA apartments for rent

Roughly 8,000 people live in this town where you’ll find beaches like Pismo Beach and Spyglass Beach Tide Pools. It’s also conveniently located near San Luis Obispo, where you’ll find farm-fresh produce and local shops. Some other fun activities to do in Pismo Beach include exploring downtown Pismo Beach and getting a cup of clam chowder, hiking the Meadow Creek Trail, and checking out one of the waterfront parks like Dinosaur Caves Park.

Southern California beach towns

#10: Santa Barbara

Median home price: $1,785,500 
Average rent for a one-bedroom apartment: $3,495 
Santa Barbara, CA homes for sale
Santa Barbara, CA apartments for rent

This seaside town has a population of 88,300 and there are many beaches to spend the day at. In Santa Barbara, you can visit 1000 Steps Beach, Arroyo Burro Beach County Park, East Beach, Leadbetter Beach, Mesa Lane Park, Santa Barbara Beach, and West Beach. You’ll also have plenty of activities to explore during your free time, like checking out the historic buildings in Lower State, strolling along Stearns Wharf, and visiting the Santa Barbara Zoo.

#11: Carpinteria

Median home price: $1,086,000 
Carpinteria, CA homes for sale
Carpinteria, CA apartments for rent

In Carpinteria there are numerous beaches to explore if you decide to move to this cozy oceanfront town. Some of these beaches include Carpinteria City Beach, Carpinteria State Beach, and Rincon Beach. This town is home to 13,100 inhabitants and you’ll find a variety of other activities like hiking along the Carpinteria Bluffs, visiting the California Avocado Festival in October, and exploring the Tar Pits Park.

#12: Ventura

Median home price: $799,500 
Ventura, CA homes for sale
Ventura, CA apartments for rent

Ventura has plenty of beaches to choose from, great for a sunny Southern California day. Some well-known spots are Harbor Cove Beach, Mother’s Beach, Seaside Park, and Ventura Beach. If you’re looking for a day spent in town, you can have some fresh seafood at one of the restaurants in downtown Ventura, explore the Ventura Boardwalk, and hike the Emma Wood River Trail. 

#13: Malibu

Median home price: $3,695,000 
Malibu, CA homes for sale
Malibu, CA apartments for rent

There are plenty of beaches to visit if you decide that Malibu is the right beach town for you – El Matador State Beach, El Pescador State Beach, El Sol Canyon Beach, Malibu Beach, Malibu Lagoon State Beach, La Piedra Beach, Las Tunas Beach, Lechuza State Beach, Paradise Cove Beach, Playa San Juan Leighton, Point Dume State Beach, Nicholas Canyon Beach, and Zuma Beach. In this town of 10,400 residents, you can also hike at Coral Canyon Park or Solstice Canyon, check out the Malibu Bluffs, and grab some fresh beachfront eats. 

#14: Santa Monica

Median home price: $799,500 
Average rent for a one-bedroom apartment: $3,295 
Santa Monica, CA homes for sale
Santa Monica, CA apartments for rent

Santa Monica has about 91,100 residents and is one of the many famous Southern California beach towns you’re likely to recognize on this list. You can take in the waterfront views at Palisades Beach, Santa Monica State Beach, and Sorrento Beach. If you’re looking to check out Santa Monica, you can also spend the afternoon exploring the Santa Monica Pier, visit Palisades Park, and stop by one of the many amazing local restaurants.

#15: Long Beach

Median home price: $790,000 
Average rent for a one-bedroom apartment: $3,155 
Long Beach, CA homes for sale
Long Beach, CA apartments for rent

Another coastal Southern California city to check out is none other than Long Beach. There are a few quintessential beaches to spend the day at, like Alamitos Beach, Bayshore Beach, Long Beach City Beach, Junipero Beach, and Mother’s Beach. Other activities in Long Beach include taking a tour of the Queen Mary or the Aquarium of the Pacific, exploring downtown Long Beach, or learning to surf.

#16: Huntington Beach

Median home price: $1,150,000 
Average rent for a one-bedroom apartment: $2,420 
Huntington Beach, CA homes for sale
Huntington Beach, CA apartments for rent

You’ll find a plethora of beaches in Huntington Beach – Bolsa Chica State Beach, Huntington State Beach, and Sunset County Beach. With a population of 13,100, this mid-sized beach town is a great option if you’re looking for a slightly busier atmosphere. If you want options other than a beach day you can tour the Huntington Beach International Surfing Museum, check out the shops and restaurants along the beachfront streets, and stroll along the Huntington Beach Santa Ana River Trail.

#17: Newport Beach

Median home price: $2,750,000 
Newport Beach, CA homes for sale
Newport Beach, CA apartments for rent

Of course, the oceanfront town of Newport Beach had to be included on our list. With beaches like Balboa Beach, Crystal Cove State Beach, Little Corona Del Mar Beach, Little Treasure Cove, and Newport Beach, there are countless options to choose from. If you’re looking to move to Newport Beach, there are about 84,800 people living in the city. Newport Beach has plenty of other activities including exploring Newport Beach Pier and Balboa Pier, hiking the Crystal Cove Trail, and checking out Balboa Island.

#18: Laguna Beach

Median home price: $2,743,250 
Average rent for a one-bedroom apartment: $3,000 
Laguna Beach, CA homes for sale
Laguna Beach, CA apartments for rent

Another classic Southern California beach town is Laguna Beach, home to about 22,800 residents. With beaches like Aliso Beach, Crescent Bay Beach, Cress Street Beach, Diver’s Cove, Laguna Beach, Table Rock Beach, Thalia Street Beach, Treasure Island Beach, Victoria Beach, West Street Beach, and Woods Cove, there’s always a new place to see the coastline. In addition to these beautiful beaches, make sure to visit the Top of the World, check out Main Beach Park, and explore all the local restaurants, cafes, and shops by the beach. 

#19: Dana Point

Median home price: $1,602,500
Average rent for a one-bedroom apartment: $3,768 
Dana Point, CA homes for sale
Dana Point, CA apartments for rent

With beaches like Capistrano Beach Park, Dana Strands Beach, Doheny State Beach, Laguna Niguel Beach, and Salt Creek Beach, it’s no surprise that Dana Point also made our list. Home to 32,800, there is plenty to do in this awesome coastal city. For example, you can explore the Dana Point Caves, grab a meal at the Dana Point Harbor, or camp at Doheny State Beach if you decide to move to Dana Point.

#20: San Clemente

Median home price: $1,788,500 
Average rent for a one-bedroom apartment: $2,750 
San Clemente, CA homes for sale
San Clemente, CA apartments for rent

San Clemente is home to 63,900 people and has countless beaches to visit. Some of the many beaches include North Beach, San Clemente City Beach, San Clemente State Beach, and T-Street Beach. Or if you’re looking for something a little different, you can stroll along the Sea Summit Trail, stop by the Casa Romantica Cultural Center and Gardens, and check out the San Clemente Pier.

#21: La Jolla

Median home price: $2,002,500 
La Jolla, CA homes for sale
La Jolla, CA apartments for rent

La Jolla, a neighborhood of San Diego, is the last beach town in California on our list. Home to beaches like Black’s Beach. Jolla Cove, La Jolla Shores Beach, Marine Street Beach, Shell Beach, Torrey Pines State Beach, Whispering Seas Beach, and Windansea Beach, there are a variety of options whether you’re looking for a quiet beach day or a morning spent out on the waves. You can also spend the day at Cuvier Park, explore museums like the Museum of Contemporary Art and the Birch Aquarium, and visit the Sea Cave Lookout Point.

Note, this list is not comprehensive of all the beach towns in California. Median home sale price data from the Redfin Data Center during June 2023. Average rental data from Rent.com June 2023. Population data sourced from the United States Census Bureau.

Source: redfin.com

Apache is functioning normally

Apache is functioning normally

As the capital and most populous city in Utah, Salt Lake City is one of the Mountain West’s premier tourist destinations and most desirable places to call home. Since hosting the Winter Olympics in 2002, Salt Lake City has gained more international acclaim and become a must-see spot for travelers and adventurers from around the globe.

Listed below are some of the locally loved businesses and locations that make Salt Lake City a great place to eat, drink, play and explore.

Source: facebook.com/Oquirrhrestaurant

Best bites in Salt Lake City

Salt Lake City is full of passionate chefs and eager restauranteurs. Here are eight of the top spots to grab a great bite to eat in Salt Lake City.

Oquirrh

Guided by the goal of supporting local artisans, farmers and ingredients, Oquirrh specializes in locally-sourced American fare. Leveraging their relationships within the community, Andrew and Angie Fuller, the dynamic duo behind this Central City restaurant, constantly evolve their menu to reflect the season outside and the passion in the kitchen. While this is the ideal spot for a romantic date night, they also serve up a legendary brunch on the weekends starting at 10:00 AM.

Arlo

Arlo is an “elevated casual, chef-driven restaurant” in the Capitol Hill Historic District. Drawing inspiration from all around the world, Arlo’s menu is compiled of a diverse selection of cuisine styles that create a cohesive and intriguing selection of delicious dishes from American to Mexican to Italian and more. Regardless of what you’re craving, there’s something of the highest quality waiting for you on Arlo’s menu.

Yoko Ramen

Named after the ramen capital of Japan, Yokohama, Yoko Ramen specializes in its namesake dish but also churns out other delectable delights like chicken wings, gyoza and sandwiches, to name a few. Opened nearly five years ago, Yoko Ramen has solidified itself as a bonafide success in the burgeoning Central City restaurant scene. Stop in and slurp up some of SLC’s best ramen at this hotspot.

Salt and Olive

Fast casual meets fine dining in this historic building turned chic restaurant space. Salt and Olive is backed by head chef, Chef Naza and head mixologist, Cory Dudis. This dynamic duo running the show brings forty-plus years of experience to the table and that’s apparent from the moment you walk through the doors. The menu here is decidedly Italian, but due to the restaurant’s dedication to local, fresh ingredients, there’s always something new and exciting to enjoy at Salt and Olive.

Pago

Boasting two locations within the Salt Lake City limits,—one in East Central and one Downtown—Pago is a “wild to table” restaurant that focuses on utilizing fresh, local and sustainable ingredients. Pago’s menu is season-driven and always changing to reflect what’s fresh and available. Pago partners with local artisans, farmers and more to collect the highest-quality ingredients and employs passionate folks to put them to use.

Pretty Bird Hot Chicken

With two locations in Salt Lake City, one in Park City and a fourth in Midvale, Pretty Bird is beloved all throughout Utah, and with good reason. Pretty Bird Hot Chicken is just darn good, no other way to say it. If you’re going to make a living off of fried chicken sandwiches you better make them good because the competition is stiff. Pretty Bird holds up to and outdoes the competition in a deep field by frying up one of the tastiest birds on a bun you’ll ever have the pleasure of putting in your mouth.

Nomad Eatery

Located within Unita Brewhouse Pub, Nomad Eatery provides all your classic bar bites, but what sets them apart is that they’re executed to perfection. Loaded fries, wings and burgers are just some of the highlights that grace the menu of this inviting gem tucked away near the airport in the Glendale neighborhood.

Table X

Table X is, you guessed it, another restaurant on this list that prioritizes the use of locally sourced, sustainable ingredients. Fine dining without the fuss is the overall vibe at this unique yet classically appealing space. Table X serves a tasting menu in which every dish, from the bread to the final bite, is thoughtful, intentional and downright delicious. A truly one-of-a-kind experience from beginning to end, Table X is as much an adventure as it as an undeniably tasty meal.

Source: facebook.com/alibislc

Four great places to get a drink in Salt Lake City

While not known as a drinking town, Salt Lake City still has its fair share of hip watering holes to help you cut loose.

Alibi Bar and Place

Alibi Bar and Place is your everyday neighborhood bar on an elevated level. With a rotating offering of live music and DJs on a daily basis, cocktails made with fresh ingredients, local craft beers and an expertly curated wine list, Alibi is a great place to let happy hour turn into a great night out.

Seabird

Craft cocktails, craft beer and vinyl are what you can expect at Seabird, a downtown cocktail bar with a killer patio. This hip hangout is warm, welcoming and always serving up great vibes alongside creative cocktails made with love. Ideal for a nightcap after a long day or your first drink on a Friday afternoon, Seabird is a safe bet for a great time.

Post Office Place

Located smack dab in the center of Salt Lake City, Post Office Place is an elegant bar and eatery. Boasting a menu full of creative small plates and sensational cocktails, Post Office Place is the type of spot that asks you to expand your comfort zone and open your eyes to something new. Whether that’s trying chicken liver mousse (you won’t regret it) for the first time or dipping your toe into the complex world of Japanese whiskey, you’re in for a treat when you walk through the Post Office Place doors.

Varley

Immediately recognizable by the half-moon-shaped mirrors and shelving behind the bar, Varley is an elegant cocktail bar located in the heart of Salt Lake City. Moody decor, music that keeps the vibe going and creatively crafted cocktails prepared by a dedicated and talented staff are just a few of the things you can expect to encounter when you decide to stop into Varley.

Source: facebook.com/threepinescoffee

Staying caffeinated in Salt Lake City

There’s a lot to do in Salt Lake City. You’re going to want to stay caffeinated to get the most out of each day.

Three Pines Coffee

Minimalist decor meets maximum talent manning the machinery in this hip and airy coffee shop. Three Pines Coffee was founded with a singular idea in mind, that Salt Lake City needs great coffee shops. Due to the large LDS population, SLC has been a bit late to the craft coffee scene, but with places like Three Pines leading the charge, the future is looking bright for all the Salt Lake-based caffeine freaks. Three Pines Coffee is known for inventive espresso drinks, tasty pastries and overall quality across the board. Stop by and start your day off right.

The Daily

The Daily does three things extremely well. Those three things are coffee, pastries and an inviting atmosphere. The perfect place to perk up on a Monday morning, or kick back on a sturdy afternoon, The Daily is a great go-to coffee shop, regardless of the time of day.

Kahve Cafe

Kahve Cafe specializes in Turkish coffee. If you haven’t had Turkish coffee before, here are a few things you should know. It’s delicious, it’s strong and it has a distinct texture. If you like an intense coffee flavor, you absolutely have to try a cup from Kahve. This welcoming and well-run cafe is as authentic as it gets in SLC.

Cupla

The people behind Cupla accomplished something very unique with their shop. They managed to create an industrial space that is also undeniably cozy. Many concrete-floored, brick-walled coffee shops come off as cold and uninvited, Cupla, on the other hand, is a cozy hideout from the hustle and bustle of Downtown Salt Lake City and an ideal spot to enjoy a hot cup of joe on a cold Salt Lake Sunday.

Source: facebook.com/TavernacleSLC

Where to catch a live show in Salt Lake City

Salt Lake City is a hotbed of talented artists, entertainers and stellar spots to see their shows. Here are four great places to see a live show in Salt Lake City.

The Tavernacle Social Club

Dueling pianos, karaoke, comedy and drag — these are the things you think of when you think about Salt Lake City, right? If not, they should be because The Tavernacle Social Club has one of the most eclectic selections of talented performers in Salt Lake City. Shows take place stage six days a week (closed on Mondays).

Crowdsourced Comedy

Improv is one of those things that’s either really good or really bad. There isn’t much gray area when it comes to being funny. Did you laugh or not? That’s really the only question that needs answering. Luckily, the talented folks of Crowdsourced Comedy, a Salt Lake-based improv group, always coax out the laughter. Check out their website for show and class information or to book them for your next party!

Kilby Court

Kilby Court is the “longest running all-ages venue in Salt Lake City” and, as such, it has developed quite the reputation as a great place to catch a small live show in Salt Lake City. This indoor/outdoor venue features muraled walls, heavily stickered windows and a great stage. If your vibe leans a little more off the wall, Kilby Court is the spot for you.

Garage on Beck

Just north of Downtown Salt Lake, in the Rose Park neighborhood, Garage on Beck is a 21-and-over bar, grill and live music venue. Known for killer comfort food and stellar stage talent, Garage on Beck is worth the short trip outside town and offers an atmosphere entirely its own. If you’re hoping to catch a show, concerts are held on Fridays, Saturdays and Sundays.

Source: facebook.com/pages/Bonneville-Shoreline-Trail

Things to do outside in Salt Lake City

You didn’t come to Salt Lake City to stay inside, did you?

Bonneville Shoreline Trail

Bonneville Shoreline Trail is a great area for easy to moderate hikes and slightly more strenuous mountain biking. Located just under a half hour north of Downtown SLC, this recreational area exhibits the best of the pristine nature that surrounds the Crossroads of the West. Be warned though, if you go shortly after rain, you should expect very muddy and slippery conditions.

Red Butte Canyon Overlook

Red Butte Canyon Overlook is located within the Red Butte Canyon Research Natural Area a little over a half hour northeast of Downtown Salt Lake City. This protected natural recreation and research area is perfect for anyone looking to get their steps in a beautiful setting and be rewarded with a stunning view.

Millcreek Canyon

Located in the Wasatch Mountains in Millcreek, Utah south of Salt Lake City, Millcreek Canyon is a stunning recreational nature area that provides space for camping, mountain biking, hiking and more. Filled with lush greenery in the summer months and serene, snowtopped hillsides in the winter, Millcreek Canyon is a great place to soak up some of the best nature the Salt Lake City area has to offer.

International Peace Gardens

The International Peace Gardens is a botanical garden that has been benefitting the Salt Lake City area for over 80 years. The team at the Peace Gardens nurtures plants from over 28 different countries and is a true representation of some of the most interesting, unique and essential botanicals to be ever be discovered. Also, it’s just a beautiful place to walk around.

See what Salt Lake City has to offer

There’s only one way to get to know Salt Lake City and that’s to immerse yourself in the culture and find your go-to spots. Start your search with the places listed above and you’ll feel fully at home in Salt Lake City in no time.

Source: rent.com

Apache is functioning normally

Apache is functioning normally

On Google Earth it looks like a stunning opportunity: six acres of vacant land surrounded by single-family homes in a West Valley neighborhood.

After being abandoned to shoulder-high weeds for nearly a decade, the former elementary school site in Woodland Hills is now a target for development.

But it’s not being scoped out for million-dollar homes like those around it. Instead, a group of prominent civic leaders has identified the parcel as a prime location for shelter or housing for homeless people.

It’s on a list commissioned by the Committee for Greater L.A. to prod City Hall to use surplus government land for homeless housing.

“If you talked to people in the city … they will argue that it is a myth, that all the land that is available is really not appropriate for this use,” said Miguel Santana, chairman of the committee, which is made up of leaders in philanthropy, business and government.

A civic group has identified this city parking lot on 87th Street near Broadway as a potential site for homeless housing.

(Brian van der Brug/Los Angeles Times)

In releasing a database of 126 proposed sites online, the committee sought to keep up pressure on Mayor Karen Bass to follow through on her campaign pledge to build 1,000 beds on public land in her first year in office.

The study‘s authors said they identified more than enough usable parcels to support 1,000 beds of shelter and permanent housing, and proposed a timeline to produce the housing within six months.

Bass has acknowledged the committee’s work but said she has her own list of properties and her own timeline. And the timeline is longer.

In an open letter, Bass, whose third executive order required the city administrative officer to compile an inventory of city-owned land suitable for housing, said her staff is poring over a list of more than 3,300 parcels and has had preliminary discussions with City Council members to gauge their reaction to specific sites.

She said they have identified sites to accommodate 500 interim housing beds and have submitted them to the state to be part of Gov. Gavin Newsom’s emergency small-homes program. If approved, she said, they could be built by July 2024.

But Bass said she wants to rethink the city’s approach to permanent housing on its lands to develop a “bigger and bolder” program. She set a goal of January 2025 to come up with standards for identifying suitable land, community engagement strategies, provisions for infrastructure investments, new financing methods and innovative approaches to construction.

A city parking lot on 87th Street near Broadway, left, has been proposed as a site for homeless housing, but that plan would require the city to use eminent domain to also take adjacent privately owned vacant land, right.

(Brian van der Brug/Los Angeles Times)

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“My focus over the remainder of my first term in office will be to make the disposition and development of City owned land faster, cheaper, and more streamlined, and to innovate in the financing and delivery of affordable housing without reliance on traditional subsidy methods,” Bass wrote.

While working primarily from the city’s own list, Bass said, she will use the committee’s study to advance her goal of incorporating surplus land owned by regional and state agencies.

The study, conducted by the nonprofit Center for Pacific Urbanism, analyzed variables including slope, zoning and proximity to utilities to winnow down 65,000 parcels owned by city, county, state, federal and other agencies such as Metro and the Los Angeles Unified School District.

Dario Rodman-Alvarez, an architect whose firm Pacific Urbanism founded the nonprofit, said he and his staff then reviewed each of the nearly 2,900 survivors to verify that it would be suitable for a model development consisting of 36 units interspersed with community gardens.

From those, they hand-picked 121 to give officials “enough options to make decisions but not be overwhelmed by the sheer number of options.”

A Times spot check of sites on that list, however, showed how frequently political impediments can confound even the best analysis.

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The former Oso Elementary property in the West Valley, for example, has long been a point of community contention. Residents of the area, called Carlton Terrace, said that they want something done with the eyesore — most suggested a park — but that homeless housing would be unacceptable.

Six acres of vacant land in Woodland Hills, site of the former Oso Avenue Elementary School, left, have been identified as a possible site for homeless housing. But neighbors are opposed.

(Brian van der Brug/Los Angeles Times)

“It’s never going to happen,” said Darryl Lutz, a 20-year resident across from one corner of the vacant land. “The homeowners here are heavily involved in local government.”

Joyce Norman, an emergency room physician, said she would not oppose a shelter except that she doubted it would come with adequate services, especially transportation. The nearest shopping is downhill a half-mile away.

“If I were a homeless person, I would want to live near a street with stores,” she said.

Not to mention, the Los Angeles Unified School District may have its own plans for the property. It was included in a 2020 proposal to evaluate 10 properties for development as housing for district employees.

A district spokesperson would not give an update on that proposal, instead providing a statement that the district “is currently evaluating our underutilized properties to help develop a plan that most effectively addresses the needs of our district and the communities that we serve.”

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To sidestep possible roadblocks caused by differing governmental agendas, the committee study identified 46 sites, all owned by the city, as highest priority.

But those were not free of roadblocks either.

One — 2.1 acres of vacant land in Sylmar surrounded by a neighborhood of single-family homes, condos and apartments — is already slated for affordable housing, but the first developer chosen by the city backed out, and the Los Angeles Housing Department is again preparing a request for proposals.

An empty city-owned lot on Manchester Avenue in South Los Angeles

(Robert Gauthier/Los Angeles Times)

“We have been working urgently to ensure this property is used for housing and are exploring options for the best site use with the least amount of downtime possible,” Councilwoman Monica Rodriguez said.

That’s the bureaucratic maze that Bass must cut through.

Her program will not only identify sites but also hand them to developers ready to go, said Jenna Hornstock, Bass’ housing deputy.

“So rather than put out these sites and say, ‘Now go out and entitle them and compete for money,’ it’s, ‘Here’s the site. We either have entitlement or a path to entitlement and here is a financing plan that we will commit to,’ ” Hornstock said.

The idea of using surplus government land to speed up and lower the cost of homeless housing goes back to 2016 when committee Chairman Santana, who was then the city administrative officer, included it in an ambitious plan to address homelessness.

Santana’s office examined more than 500 city-owned properties that found 129 sites potentially large enough and in suitable zones for homeless housing. All but 10 were city-owned parking lots.

Few of them worked out.

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When then-City Controller Ron Galperin reviewed the topic in a 2022 report critical of the city’s “fragmented” management of surplus land, he found that 11 of the city’s bridge home shelters and 16 projects in development under the city’s $1.2-billion HHH housing bond were on city-owned land.

Bass, in her letter, said 14 more are in design or negotiation, but concurred that it was not enough.

Galperin highlighted 26 city-owned properties that he considered suitable for shelter projects, either bridge housing, safe parking, safe sleeping villages or tiny home villages. But like the earlier study, it was heavily weighted with parking lots.

Public parking lots, which also make up slightly more than half of the committee’s priority list, are often problematic because they serve local businesses and generate revenue for the city.

One parking lot on the list is in the business core of Leimert Park. Converting it to housing would only exacerbate a lack of adequate parking in the “Mecca of Black culture in Los Angeles,” a spokesman for Councilwoman Heather Hutt said in an email reply to The Times.

“Councilwoman Hutt cannot support homeless housing on these parking lots because the community will never support it,” the statement said. “The residents have demonstrated a strong commitment to preserving the authenticity and character of Leimert Park, and the parking lots serve that authenticity and character.”

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At the other extreme, a city parking lot on 87th Street a block east of Broadway has no current value to the depressed business district where several vacant lots and abandoned buildings are owned by an investor who has held them since the 1990s and rebuffed all suitors.

City Councilmember Marqueece Harris-Dawson at the site on 87th Street would like to put housing on the lot under a plan that would require the city to seize adjacent privately owned properties to provide space for more units.

(Brian van der Brug/Los Angeles Times)

Councilmember Marqueece Harris-Dawson, who said he rejected all the other sites the mayor suggested, would like to put housing on that lot, and another one west of Broadway, but only if the city would seize the adjacent privately owned properties to provide space for more units.

After years of unsuccessful overtures to the property owners, Harris-Dawson said he is ready to reconsider the city’s long-standing reluctance to use eminent domain.

“You could make a village there,” he said.

With a district dotted with privately owned vacant lots, Harris-Dawson said he thinks there are far more appropriate options than the few government parcels.

The Pacific Urbanism study acknowledged the potential of privately held land and included five examples, including the parking lot at Hebrew Union College and the expanse of parking around Dodger Stadium.

Some organizations, such as churches, may be open to using their land for purposes that align with their mission, it said, but made no mention of eminent domain.

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“For every public lot that’s vacant, I can take you to two privately held lots that are as good or better for housing,” Harris-Dawson said. “We literally have people living in the streets. Maybe after 35 years we intervene and help you find a different investment to make.”

By publishing its study, the Committee for Greater L.A. intends to force public officials to be more transparent, said committee member Sarah Dusseault, a former commissioner of the Los Angeles Homeless Services Authority.

“If you want to keep this surface parking lot as a surface parking lot because it earns $20,000 a year, God bless,” Dusseault said.

“But you should be transparent about that as a policy choice instead of the policy choices being in the dark.”

Source: latimes.com

Apache is functioning normally

From Q1 2023 to Q2 2023, the top five cities for New Western investors were Boston, MA (88% growth), Washington, D.C. (50%), Charlotte, NC (49%), Jacksonville, FL (48%) and Houston, TX (46%). Other notable markets that grew in the same period included popular Sunbelt investor havens Atlanta and Dallas.

New Western investor activity grew across these markets even though a recent Redfin report showed a 40% decrease in investor purchases. This illustrates how investors are determined to find opportunities despite negative market sentiment, New Western concluded. Approximately 55% of survey respondents said location/neighborhood is most important to their buyers. On average, homes purchased through New Western and later renovated sell for 31% less than new traditional homes for sale in the same market.

Independent rehabbers, according to the report, are stepping in to address “scalability” challenges and fill the gaps in individual markets, driven by demand. 

“Clearly, the survey shows that the housing dynamics have changed in the mind of some investors,” said Logan Mohtashami, Lead Analyst at HousingWire. “New listing data is trending at all-time lows; active inventory growth has been so slow in 2023 that we will see some negative year-over-year prints soon in the weekly inventory data. Also, housing demand stabilized from its waterfall collapse in 2022. In this environment, the opportunity to fill in the need due to the housing shortage is being tackled by investors. Also, this is all happening with higher rates; if rates fall in this environment, demand has nowhere to go but up from such low levels.”

For the remainder of 2023, investors are confident in the residential real estate market; about 70% of respondents plan to invest in one to three properties and 75% saw business growth from the second half of 2022 to date.

A little over 70% of respondents invest in the Southwest and Southeast regions of the U.S. Additionally, roughly 45% of respondents fund their investments through hard money or investment financing and about 30% through cash. 

Source: housingwire.com

Apache is functioning normally

Apache is functioning normally

Even with mortgage rates hovering around 15-year highs, home prices in California edged higher for the fourth consecutive month in May, according to the latest data from the California Association of Realtors.

The median single-family home price in the Golden State last month was $836,110, roughly $25,000 higher than in April and $100,000 above February’s average, data shows.

The San Francisco Bay Area ($1,300,000), Central Coast ($1,000,000) and Southern California ($800,000) continue to be the priciest, while the Far North region ($380,000) is the most affordable, CAR said.

Home prices are still well below the all-time high recorded in May 2022 when the average California single-family home cost $893,200.

Average Single-Family Home Prices in California

Region May 2023 April 2023 May 2022
Statewide $836,110 $811,950 $893,200
Condo/Townhomes $635,000 $634,000 $675,000
Los Angeles Metro $765,000 $740,000 $805,000
Central Coast $1,000,000 $1,020,000 $995,000
Central Valley $485,000 $463,000 $510,000
Far North $380,000 $385,000 $425,000
Inland Empire $574,990 $565,000 $596,000
San Francisco Bay Area $1,300,000 $1,250,000 $1,465,000
Southern California $800,000 $785,000 $845,000
California Association of Realtors

Additionally, the number of homes under contract in California rose by nearly ten percent in May after dipping in April and March.

This is the ‘most expensive’ neighborhood in California, study says

After an initial spike in the lead-up to Congress’s debate over the debt ceiling, mortgage rates have hovered in the high 6% range. The Fed has already signaled as many as two more rate hikes this year to tame inflation.

But regardless of where interest rates go in the short term, or even long-term, Wei says the underlying reason home prices move higher in California comes down to simple supply and demand.

“The tight supply is really constraining,” he says. “People are not putting their houses on the market and, of course, we’re just not building fast enough.”

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Source: ktla.com