California October 2022 Market Update via C.A.R. :
''Americans’ confidence rose to the highest level in six months in September and their spending remained steady despite higher prices. Wage growth, however, is not keeping pace with inflation and thus consumers are increasingly relying on their savings to offset the higher cost of living. As households’ savings dwindle while higher interest rates push up credit card debt, consumer confidence could dip in coming months as economic activity slows. As for the housing market, higher mortgage rates continue to worsen affordability and remain the major factor that holds back demand. Despite a slight improvement in sales in August, home buying activity is expected to be sluggish in the months ahead as rates remain high.''
Some facts and data of the current market( click the picture for more detailed information:
Los Angeles County Aug./22:
Here are the changes in DOM for CA: (Median Time on Market of Existing Detached Homes Historical Data up to Jan/90)
Bidding wars, multiple offers are still the reality in September 2022.
Housing price are adjusting slightly via price corrections.
The housing inventory for sale as well as for rent is still very low.
Here are for example two Los Angeles cities to compare:
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