This week members of the Partners Trust team attended the California Realtor® Expo 2015 in San Jose, California. The event ran October 6-8 at the McEnery Convention Center in San Jose, California and included valuable and insightful seminars. California Realtors® are dedicated to continuing to learn, grow, change, and perfect their craft all in efforts to better serve their clients and Partners Trust Associates are a shining example of this.
Sarah Kosasky, Founding Partner and Manager of Partners Trust Malibu participated in the Broker Conference on Wednesday, October 7, 2015 as part of the “Managers Who Are Killing It” session. She explained her philosophies on recruiting, management style, training newer agents, and how she created one of the fastest growing Partners Trust offices by finding talent and providing strategic support.
Also as part of this event C.A.R. Vice President and Chief Economist Leslie Appleton-Young shared insight about next year’s California housing market. As the slide shows above, 2015 was a year of strong sales rebound and it’s not over yet. The economic forecasters at the California Association of Realtors® predict that California home sales will continue to increase as price gains slow.
The “2016 California Housing Market Forecast” predicts increase in existing home sales of 6.3 % next year to reach 433,000 units, up from the projected 2015 sales figure of 407,500 homes sold. Sales in 2015 also will be up 6.3% from the 383,300 existing, single-family homes sold in 2014.
Interest rates will increase but it is estimated that the average for 30-year, fixed mortgage interest rates will rise only slightly to 4.5%, still at historically low levels. The California median home price is forecast to increase 3.2 % to $491,300 in 2016, following a projected 6.5% increase in 2015 to $476,300. This is the slowest rate of price appreciation in five years and may help ease the affordability crunch that has concerned many.
“The foundation for California’s housing market remains strong, with moderating home prices, signs of credit easing, and the state continuing to lead the nation in economic and job growth,” said C.A.R. Vice President and Chief Economist Leslie Appleton-Young in a press release. While global economic factors may play a role and higher interest rates will be seen, overall it looks like we will be in for another robust year in California real estate.