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Feb 8, 2023 · According to the California Association of Realtors (CAR), this respite from rising interest rates helped edge up California home sales in December to break a three-month sales decline. But for the year as a whole, statewide home sales were down 23.1 percent from 2021, when interest rates were as low as 2.65%.
- Valerie Kalfrin
- Jonathan Lansner
- Where’s the pandemic going? Any 2022 economic outlook is linked to the future of COVID-19. Consider how the pandemic has changed demand for living spaces.
- How’s the overall economy? Housing’s future was once tied to “jobs, jobs, jobs” — so buyers could qualify for mortgages. But cheap money, rapidly appreciating assets, Wall Street investors, and a wealthy slice of the population made cash the hot thing for buyers.
- Will bosses remain generous? Having a job — or two — is often not enough in Southern California. Yes, local workers have enjoyed some of the nation’s top pay raises of late, up 6.5% in the year ended in September, according to the Employment Cost Index.
- How high do rates go? House hunters started 2021 with the average 30-year mortgage rate at the historical 2.65% low — down from 4.5% when 2019 began.
Mar 2, 2023 · In Los Angeles, the housing market is hot, and shows no sign of slowing. As of May 2022, the median home price was $1,050,000, and had increased 13.5% year over year. The average days on market also declined significantly to 30 days from 37 a year before. Additionally, 2,197 Los Angeles homes sold in May 2022, compared to 2,699 the previous May.
Jul 20, 2022 · July 20, 2022 1:07 PM PT. The Southern California housing market is finally slowing down after a two-year pandemic boom fueled in large part by record-low borrowing costs. Now, with mortgage ...
- andrew.khouri@latimes.com
- Staff Writer
Sep 28, 2023 · Lower Median Home Price. Patient buyers are more likely to be rewarded with lower closing prices. After the median price increased 5.7% year-over-year to $831,500 in 2022, CAR estimates the ...
Aug 28, 2024 · When to sell a home (9 common scenarios) Typically, you should consider selling now if the circumstances provide favorable selling scenarios. Each scenario in our list below can count as a positive point toward your decision to sell. The right situations might include: 1. If mortgage interest rates are low.
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Feb 26, 2024 · Feb. 26, 2024 3 AM PT. Spring is less than a month away, and with it typically comes a busy time to buy and sell a home in Southern California. The holidays have passed. The weather is warmer. At ...
