July 2024 Market Update Report

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From the Desk Of Josh Barker

Mid-Year Real Estate Market Report for Shasta County

The real estate market in Shasta County has shown resilience and stability as we reach the mid-year point. New listings have remained steady, comparable to last year, with totals in the mid-two thousand range by June. While homeowners with 3% interest rates face challenges in moving due to current rates around 7%, there is optimism that rates will gradually decrease over time, providing more opportunities for mobility.

The total number of homes sold year-to-date is mirroring last year’s performance, staying in the low one thousand range. Although pending sales have seen a slight dip in the past two months, there is hope that the market will pick up momentum as the year progresses.

New building permits in Redding have shown a modest increase, finishing at 33 through May, up from last year. Builders are navigating the challenges of higher costs and new code requirements, but their efforts are gradually yielding results.

Interest rates, currently averaging 7.25%, have decreased from a peak of 8%, offering a glimmer of hope. With inflation data showing signs of slowing down, many experts anticipate that the Federal Reserve may lower interest rates later this year, further boosting the market.

The rental market remains robust, with vacancy rates stable at around 6-7% and the average rent for a 3-bedroom, 2-bath home with a 2-car garage at $2,095 per month. The tight housing supply and high interest rates suggest continued strength in the rental market.

Fire insurance prices have seen significant increases, especially in high fire risk areas. However, the state’s efforts to attract insurance companies back, through policy changes, are expected to bring more options and ease the burden on homeowners.

In the real estate industry, a major lawsuit settlement in Missouri has introduced new policies for Realtors. From mid-August, Realtors will need to sign a buyer-broker agreement before showing homes, and sellers won’t advertise compensation offers to buyer brokers via the MLS. While these changes are significant, they represent a step towards greater transparency and professionalism in the industry.

Market Summary Shasta MLS July 2024

Market Summary Statistics Shasta MLS July 2024

Market Summary Active Listings Shasta MLS July 2024

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Josh Barker

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P.S. You can view all of our past real estate market updates by visiting www.reddinghomes.com/blog

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