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.
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
With high competition and limited stock, sellers in 2017 frequently required a mortgage pre-approval letter before even showing a property. buying a house in california 2017
The statewide median price for a single-family home in 2017 was approximately $537,860 , representing a 6.9% increase from 2016.
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 In 2017, the California housing market was characterized
First-time buyers often turned to programs from the California Housing Finance Agency (CalHFA) for down payment and closing cost help.
California buyers are legally required to receive a Natural Hazards Disclosure Statement , which was particularly critical in 2017 as wildfires impacted regions like Santa Rosa . Steps to Buying a Home | CA Housing
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.
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