July Real Estate Report
Dive into July's Monthly Market Report and explore the positive signs of normalization in the real estate market. Discover how buyer demand, pricing, and new construction are shaping the industry. Stay ahead of the curve and make confident decisions with the latest market insights.
Experts Predict Drop in Mortgage Rates for 2023 Amid US Economic Changes
With record-breaking annual increases in mortgage rates in 2022, experts predict a drop in mortgage rates for 2023 as inflation declines and the US economy prepares for a possible mild recession. While lower mortgage rates may attract homebuyers who were previously unable to afford homes, the affordability challenge persists due to the supply shortage. In this article, we explore what the experts are saying about the state of mortgage rates, how to get the best rates in the fluctuating market, and how to navigate the market in 2023.
Los Angeles Real Estate Data
Jordan Levine, C.A.R.'s Vice President and Chief Economist, warns that high inflationary pressures will result in elevated mortgage rates, reducing purchasing power and depressing housing affordability in the upcoming year. A pullback in sales and a downward adjustment in home prices are expected in 2023 due to high borrowing costs. Additionally, low inventory and rising mortgage rates caused by inflation may impact sales activity. The recent implementation of Measure ULA, also known as the "mansion tax," is expected to bring a substantial transfer fee to the luxury real estate market of $5 million or over in Los Angeles. However, the long-term impact of this measure is still uncertain. Despite properties selling quickly in Los Angeles County, sales of existing single-family homes have decreased by 38.2% YoY. If you want to purchase a home in LA, be prepared to spend a little more than the asking price.