Rates at 6% are the new normal, and from a historical perspective they’re completely fine, especially given the strength of the economy and inflation adjusted wage gains over the past few years.
The insurance industry will certainly bear a substantial brunt of the cost for rebuilding all of the properties destroyed in the wildfires. Unfortunately, as a result, many insurance companies will consider pulling out of these markets and substantial increases in premiums are inevitable.
Inventory levels across many of the markets surveyed continue to contribute to a competitive landscape for buyers, driving median prices upward.
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