Saturday, February 4, 2023

Will California Real Estate Prices Fall in 2023 According to Experts?

coronavirus pandemic This plunged the American Federation into a major economic crisis. in the middle of this year, The Country of Stars and Stripes faced the highest rate of inflation in history.

To reduce the high inflation rate, The United States Federal Reserve adopted an accommodative monetary stance, leading to a sharp increase in interest rates by 75 basis points in recent monthsExcept for the most recent increase, which was 50 points.

yes ok the US economy has stabilized and inflation has come down, Truth is this The rise in interest rates will continue during the next year (2023), as reported by Jerome Powell, the chairman of the Federal Reserve.

Given that the Fed will keep interest rates high, what will happen to real estate prices in California By 2023 will they go up or down according to experts?

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Will California Real Estate Prices Fall in 2023 According to Experts?

increase in interest rates suppresses demand among buyers, what contributes A weak housing market for the coming year.

According to a housing analysis conducted by California Association of Realtors (Vehicle) The real estate forecast for 2023 shows a 7.2 percent decrease in single-family sales, at 333,340 units. 2023 launch This is lower than the projected figures for 2022, when 359,220 units were expected to be sold.

Apart from the decline in domestic purchases, The report also forecasts a price drop of eight 8.8 percent for 2023, followed by a projected increase of 5.7 percent for 2022. Where is the result of break un less competitive market, as well as “Normalization in the Housing Sales Mix”.

“Next year is forecast to moderate, with the market changing as home sales and prices Buyers and sellers are adjusting to new market realities (…) indicates everything More favorable market environment for those who missed out during the last two years when the market was very competitive, CAR President Otto Katarina said, according to information gathered by real estate market.

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