High Mortgage Rates Crush Supply - Aug 2023 Housing Market Update
Well folks, the real estate market here in L.A. County remains extremely tight. The Federal Reserve raised interest rates last week another 25 basis points, causing mortgage rates to trend up yet again. Surprisingly, the real issue hasn't been so much buyer affordability, but rather, depressed supply, as a larger than normal number of sellers hope to push off their real estate decisions until rates look more favorable.
Of course, although many are hoping for lower rates sometime soon, there's no way to tell if/when rates may become favorable again and the overall cost of housing continues to rise along with inflation.
Watch the video to find out what's happening with pending sales, closed sales, median prices, and the supply of inventory.
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Give us a call today.
The Weber Real Estate Team
Keller Williams Beach Cities
424-237-8570
BRE 01949818
www.SouthBayOnSale.com
