Galt, CA housing market

What this means

• Valuation. Prices are 26% above what local incomes have historically supported (this area's pre-2020 price-to-income ratio).
• Prices. Home values are down 0.9% over the past year (U.S.: +1.2%), 9% below their 2022-23 peak.
• Supply. Listings are 9% below the 2017-19 norm and rising (+7% vs. a year ago), close to pre-pandemic levels.
• Negotiating. Buyer leverage is low (29/100; U.S.: 54): homes sell for about 0.3% below their final list price; 22% of listings had a price cut (U.S.: 26%).
• Affordability. A mortgage on the typical home takes 40% of the median household income (U.S.: 35%); it takes about $127k a year to keep the payment at 30% of gross pay. That includes about $1,518 a year for home insurance (U.S.: $1,790).
• Buy vs. rent. Buying costs about $749/mo more than renting a typical home (mortgage payment vs. typical rent).
• Disaster risk. FEMA expects about $175 a year in natural-disaster damage per $100k of building value (U.S.: $155), mostly from flooding.
• Outlook. No clear direction: likely −8% to +9% over the next 12 months (62% chance of a rise).

Next 12 months

No clear direction

A rise is somewhat more likely than a fall, but not by enough to call. Likely change: −7.6% to +8.7% (80% range; middle estimate +1.7%), chance of a rise 62%, of a 5%+ drop 16%.

HouseVane's model, refit every month on local market signals and national ones, trained only on data known at the time. How accurate it has been.