Pending Home Sales Crash Below CV Lockdown Low - October 2022 LA Housing Market Update
Amazingly, pending home sales have fallen below the low during the initial phase of the CV lockdown, and at the same time, median home prices remain elevated just slightly compared to a year ago, showing the substantial resistance in the marketplace to pricing property where it will actually sell and not sit on the market. The drastic rise in interest rates is pricing many buyers out of the market.
The good news is homes priced correctly are still selling relatively quickly and buyers continue to have more options to choose from.
