Rising Rates Crush Home Sales - March. 2023 LA Housing Market Update
Hotter than expected inflation data is putting renewed pressure on the Federal Reserve to continue raising rates in the market, translating into increasing borrowing costs for many home buyers. As a result, home prices continue to trend marginally lower, while pending and closed sales fall to 2008 levels. Surprisingly, housing inventory still remains quite low all things considered. Are we in the calm before the storm, or, are we just at the beginning of a long term calm? Only time will tell.
