In 2017, the California housing market was characterized by a severe inventory shortage that drove prices to record highs while slowing the pace of sales. Despite these challenges, the state dominated the national real estate landscape, housing many of the country's "hottest" and most expensive markets.
Cities like Vallejo emerged as top national performers due to their relative affordability compared to the surging San Francisco Bay Area . Regional Pricing Snapshot (Late 2017) Region/County Median Home Price Year-over-Year Change Statewide $549,560 (Dec) Orange County Los Angeles County San Bernardino County Riverside County Bay Area (Forecasted) Key Buying Tips for the 2017 Landscape buying a house in california 2017
Buyers were encouraged to set aside 1.5% to 5% of the purchase price for closing costs, which in California include escrow fees, title insurance, and appraisals. Steps to Buying a Home | CA Housing Finance Agency - CalHFA In 2017, the California housing market was characterized
With high competition and limited stock, sellers in 2017 frequently required a mortgage pre-approval letter before even showing a property. which in California include escrow fees
The average interest rate for a 30-year fixed mortgage was roughly 4.0% , a slight increase from the near-record lows of 3.6% in 2016.
Competitive markets often resulted in multiple-bid situations. Buyers were advised to remain data-driven and avoid overextending their budgets.