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California Housing Forecast Brighter, But Pandemic & Supply Constraints Concerning

Low mortgage interest rates and pent-up demand for homeownership will bolster California home sales in 2021. But the California Association of Realtors’ (C.A.R.) “2021 California Housing Market Forecast” notes economic uncertainty caused by the coronavirus pandemic and continued supply shortages will limit sales growth.

The baseline scenario of C.A.R.’s forecast envisions a modest increase in existing single-family home sales of 3.3% next year to reach 392,510 units, up from the projected 2020 sales figure of 380,060. The 2020 figure is 4.5% lower compared with the pace of 397,960 homes sold in 2019.

The California median home price is forecast to edge up 1.3% to $648,760 in 2021. This year, that number is  projected to increase 8.1% to $640,330, up from $592,450 in 2019.

C.A.R. SVP and Chief Economist Leslie Appleton-Young says, “While home prices rose sharply in 2020, driven by strong sales of higher-priced properties and a limited inventory of homes for sale, the pace of price growth will be more moderate in the coming year. The uncertainty about the pandemic, sluggish economic growth, a rise in foreclosures, and the volatility of the stock market are all unknown factors that could keep prices in check and prevent the statewide median price from rising too fast in the upcoming year.”


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Watch C.A.R.’s 2021 ForecastConnect With C.A.R.’s Appleton-Young

About Dennis Kaiser

Dennis Kaiser is Vice President of Content and Public Relations for Connect Commercial Real Estate. Dennis is a communications leader with more than 30 years of experience including as a journalist and in corporate and agency marketing communications roles. He is responsible for Connect’s client content operations and is involved in a range of initiatives ranging from content strategy, message development, copywriting, media relations, social media and content marketing services. In his most recent corporate communications roles, he led a regional public relations effort across Southern California for CBRE, played a key marketing role on JLL’s national retail team, and was responsible for directing the global public relations effort at ValleyCrest, the nation’s largest commercial landscape services company. In addition to his vast commercial real estate experience, Dennis has worked on communications and launch strategies for a number of residential projects such as Disney’s Celebration in Florida, Ritter Ranch in Palmdale California (7,200 homes, 22,000 acres), WaterColor in Florida and PremierGarage in Phoenix. Dennis’s agency background included firms such as Idea Hall and Macy + Associates. He has earned an outstanding reputation with organization leaders as a trusted advisor, strategic program implementer, consensus builder and exceptional collaborator. Dennis has developed and managed national communications programs for Fortune 500 companies to start-ups, both public and private. He’s successfully worked with journalists across the globe representing clients involved in major-breaking news stories, product launches, media tours, and company news announcements. Dennis has been involved in a host of charitable and community organizations including the American Cancer Society, Easter Seals, BoyScouts, Chrysalis Foundation, Freedom For Life, HOLA, L.A.’s BEST, Reach Out and Read, Super Bowl Host Committee, and Thunderbirds Charities.

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