California Housing Market: Prices, Trends, Forecast 2022-2023
While consumers and builders remained downbeat about the 2023 economic outlook, news on strong holiday spending and lower interest rates offered a glimpse of hope that the housing market may have found its footing and will begin to stabilize soon. With inflation remaining high but showing some signs of easing, the Federal Reserve is expected to raise rates less aggressively in the coming months, which should benefit both the economy and the market.
Mortgage Rates Dropped This Week
The average 30-year fixed rate mortgage reported by Mortgage News Daily fell 34 basis points from 6.63% to 6.29% between November 30 and December 1. Stronger than expected November job growth released last Friday, however, dampened the recent rate improvement slightly. The Fed will have to think twice before making their next rate hike decision in mid-December.
Is the California Housing Market Slowing Down?
The Southern California housing market has slowed significantly in recent months, owing to rising mortgage rates, which have priced many would-be buyers out of the market.
Weekly San Diego Housing Market Numbers
This week in San Diego housing market, the numbers are up. Homes sold has gone up to 283. Pending home sales are up to 295, while price changes also jumped up again to 221. New homes listed in San Diego is up to 255. There are currently 2,402 single family homes on the market in San Diego County, and only 990 attached homes for sale in the county. Inventory continues to remain tight as home builders have slowed down their pace of building new homes.
Search for Your Zip Code Housing Market Information
Find your real time housing market data for San Diego, Escondido, San Marcos, La mesa and all cities in San Diego by CLICKING HERE
Downloadable Housing Market Data From Redfin
You can also download housing market data from Redfin by CLICKING HERE Tristen Campanella is a San Diego Realtor, one of the top San Diego realtors by sales volume. Tristen takes a holistic approach to her clients to guide them to build long term wealth through real estate that impacts their lives positiviely. #californiahousingmarket #housingmarketpredictions #sandiegorealestate Contact Tristen HERE