News
Realtors Forecast Decline in State’s Single-Family Home Sales
(CNS) – Expect a weaker housing market in California in 2023 as an ongoing battle against inflation creates a small recession — keeping interest rates elevated and suppressing buyer demand, according to a forecast released Wednesday by the California Association of Realtors.
The baseline scenario of CAR’s “2023 California Housing Market Forecast” sees a decline in existing single-family home sales of 7.2% next year to reach 333,450 units, down from the projected 2022 sales figure of 359,220.
The 2022 figure is 19.2% lower compared with the pace of 444,520 homes sold in 2021, according to the real estate trade association.
The California median home price is forecast to drop 8.8% to $758,600 in 2023, following a projected 5.7% increase to $831,460 in 2022 from $786,700 last year.
A less competitive housing market for home buyers and a normalization in the mix of home sales will curb median price growth next year, CAR said.
The forecast did not break down its projections by region.
“With the market shifting as home sales and prices are predicted to temper next year, buyers and sellers are adapting to the new realities of the market,” said CAR President Otto Catrina, a Bay Area real estate broker and Realtor.
“As sellers adjust their expectations, well-priced homes are still selling quickly,” he said. “And for buyers: more homes for sale, less competition, and fewer homes selling above asking price, all point to a more favorable market environment for those who were outbid or sat out during the past two years when the market was fiercely competitive.”
CAR’s 2023 forecast also projects a dip in the U.S. gross domestic product of 0.5% next year, after a projected uptick of 0.9% in 2022.
With California’s 2023 non-farm job growth rate at 1.0%, up from a projected increase of 4.9% in 2022, the state’s unemployment rate will edge up to 4.7% in 2023 from 2022’s projected rate of 4.4%, the association said.
Stubbornly high inflation and growing economic concerns will keep the average for 30-year, fixed mortgage interest rates elevated at 6.6% in 2023, up from 5.2% in 2022 and from 3.0% in 2021 but will remain relatively low by historical standards, according to the forecast.
Copyright 2022, City News Service, Inc.
By: Ceci Partridge
October 12, 2022
Latest Instagram Posts
Salton city resident Abraham Feinbloom is expected to take a plea deal in the murder case of 17 year old T’Neya Tovar. Under the plea deal obtained by the Imperial County Criminal Courthouse, Feinbloom will plead guilty to one count of torture and voluntary manslaughter. According to court records, he is also expected to assist law enforcement in finding the rest of the victim’s remains. Our @newsbyalondra will be inside the courtroom for his official sentencing Tuesday, September 29th with the very latest.
“Of you can’t find things out as a Board President… then what are they hiding?” Why is the elected board president being blocked from financial records? Drop your thoughts below👇 #therogginreport #coachellavalley #coachella #localnews #nbcpalmsprings
After AB 1145 (also known as Tristin’s Bill) was signed into law, NBC Palm Springs @maria_nvtv is giving more information about the law and what this means for the future of transportation in California #Highway74 #RoadSafety #CoachellaValley #Anza #RiversideCounty
Pregame update from Tim O’Brien ahead of tonight’s preseason matchup between the Coachella Valley Firebirds and the Ontario Reign. Tim has the latest from Acrisure Arena as the Firebirds get set for tonight’s game. UPDATE: Firebirds #CVFirebirds #CoachellaValleyFirebirds #OntarioReign #AHL #Hockey PalmSprings CoachellaValley
Who makes the NBC Top 3, winner will be announced Sunday night on NBC Palm Springs, with the player who makes the number one spot winning a $250 prize from @hondaofthedesert! Comment below if it will be 1) Xzavier Hernandez with the dot towards the back of the endzone, 2) Jesse Rodriguez with the 50 plus yard TD throw, 3) Trace Vargas with the diving TD, 4) Ryan Rumsey with the screen pass TD, making guys miss, or 5) Moyses Aguilar with the pick #fyp #fnl2026 #hondaofthedesert #highschoolfootball #fridaynightlights
Drop your thoughts in the comments 👇 #therogginreport #coachellavalley #localnews #explore #nbcpalmsprings
⚡️ TOP STORY: A man is recovering after he was struck by lightning. Firefighters battled a brush fire along Snow Creek Road, while another lightning strike in Chino Canyon sent a man to the hospital. If you hear thunder, stay indoors for at least 30 minutes after the last rumble. #PalmSprings #Lightning #FireSafety
🚨 Chasing that year-round “summer glow”? A social media tanning trend involving the unapproved peptide melanotan-2 is raising serious safety concerns. Dermatologists say safer sunless tanning options are available. ☀️ #YourHealthToday #SkinHealth #Melanotan2 #TanningSafety
Palm Springs firefighters responded Thursday to a report of a person struck by lightning in the Chino Canyon area. The person was transported to a hospital for medical treatment. Firefighters also responded to a palm tree fire in Chino Canyon that officials say was caused by an apparent lightning strike. NBC Palm Springs News Director David Reese is in the neighborhood tonight knocking on doors and trying to learn more about what happened. Did you see the lightning strike? Did you hear or see anything unusual? Do you know who was struck or have information that could help us understand what happened? We’d like to hear from you. Send us a DM here or contact NBC Palm Springs if you witnessed the incident or have information to share. #PalmSprings #ChinoCanyon #Lightning #PalmSpringsNews #NBCPalmSprings CoachellaValley BreakingNews
Fred Roggin’s response? Show us the receipts! #therogginreport #coachellavalley #localnews #explore #nbcpalmsprings