Realtors’ Association Projects Softening Housing Market With Moderate Recession in California in 2023
As mortgage rates are up near 7 percent and home sales slow down across the country, many are wondering if the Golden State of California is still a seller’s market.
Real estate experts predict that California’s housing market will soften in 2023, with home prices expected to fall by 8.8 percent. However, they believe that this is only a modest adjustment before the market returns to normalization, and will not experience the same price crash as during the last financial crisis in 2008–09.
The California Association of Realtors (CAR) released its latest forecast on Oct. 12, predicting a 7.2 percent year-over-year decline in existing single-family home sales next year, bringing down the sales to 333,450 units….