High Interest Rates Brings Down Home Sales in Southern California
“With interest rates rising rapidly since the beginning of the year, buyers and sellers are having difficulties adapting to the market's new ‘normal,’” said CAR President Otto Catrina, a Bay Area real estate broker and Realtor.
The Inland Empire has been a hot housing market during the pandemic. But in recent months, home sales have cooled off. Tony Shin reports July 29, 2022. In Los Angeles County, the median number of days an existing house was on the market was 21 in September, up from 16 in August and 10 a year earlier. San Diego County's median price was $899,000 in September, up from $885,000 in August. It was $850,000 in September 2021.
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