Interest rates impact affordability
Housing is the instrument to control the economy.
We are seeing that Buyers want to pay exactly what a home is worth.
Sellers are in a no rush to sell phase – why?
Sellers are seeing never before seen equity gain on homes in the last 2 years. Equity gains were at 24% but are still at a strong 8%.
Number of Current Mortgages:
72% = 4% or lower
55% = 3.5% or lower
34% = 3% or lower
Since the start of 2022 the expected market time has increased in both regions from around 21 days to around 62 days since July but compared to the pre-pandemic market time of 90 days, it is still a Seller’s market.
Similarly, inventory levels still need to grow by 20% when comparing them to the 3-year average.
If you’re looking for more information about the real estate performance in many of Southern California’s most in-demand markets, click here to view the Pacific Sotheby’s International Realty IN FOCUS market reports. Whether you are a first-time home buyer, an interested seller or building your investment portfolio, our reports are your best resource to make smart real estate decisions today.
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