The 20th edition of the FIFA World Cup started yesterday and let’s just say we’re in a fútbol state of mind. After all, the World Cup is kind of a big deal. (Not in America, but everywhere else). It’s the biggest sporting event of the year—er, well, of the past four years—with 32 national teams and billions of people watching worldwide.
Grown men paint themselves in their national colors and cry when their team loses. Wins and losses have inspired brawls and stampedes. You can see why ESPN’s Roger Bennett called the tournament: “‘Hunger Games‘ in cleats.” Um, yeah. World Cup fans are serious about their soccer.
While World Cup fanaticism reaches a fever pitch in Brazil, real estate in California has settled into a decidedly slower, albeit steady pace. (This is not the case for home prices, however, which have risen sharply in the state. California’s median home price reached its highest level since December 2007 in April, according to the latest available stats from the California Association of Realtors.) Many markets—especially in the Bay Area—continue to be plagued by low inventory and high demand. In the Southland, demand has leveled out since interest rates rose last summer and more houses trickled out for sale. Investors are also backing out of the market—which would be good news to regular buyers if they weren’t facing tight lending, a soft economy and rising prices. Looking at the latest real estate headlines, California real estate is facing a tough playing field right now. We look forward to seeing how the rest of this quarter plays out…what about you? Have you seen any other factors in the marketplace that is impacting housing sales and prices?
Bay Area buyers frustrated by tight supply of homes for sale; San Jose Mercury News
Realtors Expect Median Home Prices To Rise 4%; HousingWire