My wife had a baby boy on 4/28. He weighed 8 pounds 5 ounces and came out healthy and kicking. Here is our toddler hanging out with the baby (pardon the mess, we need sleep).
For Southern California, sales have slowed considerably since last year. Sales volume (number of homes sold) has dropped 37.4% year over year. As a result escrow companies, lenders and brokerages have been having layoffs and consolidating to survive the drop in sales.
Home prices for the LA Metro have declined 7.5% year over year due to the increase in mortgage rates.
Prices bottomed out during Q1 and have started increasing as we are seeing stability in the market.
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Properties are taking longer to sell, inventory remains low and we are still in a seller’s market. There is less inventory on the market for buyers to choose from and less buyers to buy.
In summary, the increase in interest rates has caused prices to decline 7-9% depending on the area. Prices appear to have bottomed out and are on the rise again.
What do you think will happen next?