California Cities Set to Experience Soaring Home Sales in 2022

Home sales in several California cities are expected to experience significant growth in 2024, driven by easing mortgage rates. The top five metro areas predicted to see double-digit year-over-year sales growth are Oxnard-Thousand Oaks, Riverside-San Bernardino-Ontario, Bakersfield, San Diego-Chula Vista-Carlsbad, and Sacramento. However, sales are expected to decline in areas such as San Jose-Sunnyvale-Santa Clara and San Francisco-Oakland-Berkeley. California's housing market is more sensitive to mortgage rates due to a lower percentage of homeowners who own their homes outright.