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Santa Barbara, Santa Maria home prices could rise in 2024

KEYT News Channel 3-12

SANTA BARBARA COUNTY, Calif. — According to a new study by real estate data and analytics company CoreLogic, Santa Barbara and Santa Maria home prices could potentially rise in 2024.

The study, released on Jan. 9th, says Santa Barbara and Santa Maria are among 20 other cities in the United States that will see a hefty price for potential and future homeowners.

According to the CoreLogic study, the two Santa Barbara County cities will see just over a 6.8% increase in home prices.

CoreLogic Chief Economist Dr. Selma Hepp says, seasonal gains remain in line with historical averages, despite comparison with last year's declines in annual growth for homes.

"However, in some metro areas, such as those in the Mountain West and the Northwest, higher interest rates are having a greater impact on homebuyers’ budgets, which is contributing to a larger seasonal slump. This continued strength remains remarkable amid the nation’s affordability crunch but speaks to the pent-up demand that is driving home prices higher. Markets where the prolonged inventory shortage has been exacerbated by the lack of new homes for sale recorded notable price gains over the course of 2023.”

– CoreLogic Chief Economist Dr. Selma Hepp

These are the top 20 cities where home prices are expected to grow in 2024:

Courtesy: CBS / Aimee Picchi  (Source: CoreLogic)

Four other California cities made it to the list of expected home price spikes. According to CoreLogic, they were Redding (7.3%), Santa Rosa (6.37%), Merced (6.32%), and Santa Cruz-Watsonville (5.81%).

CoreLogic noted, its forecasts are based on real estate index data that incorporate price, time between sales, property type and loan type (conforming vs. non-conforming) and distressed sales.

The real estate data and analytics company says the home price index is updated each month.

 To read more about CoreLogic and forecasted HPI you can visit there website.

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Bryan Hernandez

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