CA Association of Realtors has released the November 2022 Housing Market Statistics. Keep in mind most of these sales went into contract in October with a 30 day escrow.
In the Los Angeles County housing market statistics the median price fell from October (2.1%) but is down only slightly from same time last year (1.3%). The statistic that total sales are down from last month and down year over year almost 45% is what I am seeing out in the field. Price reductions are common and properties are taking significantly longer to sell as both Buyers and Sellers have a wait and see approach. Some of the drop in total sales was impacted by moving into the slower holiday season.
It will be very interesting to see what happens now and in March. There is often a moderate surge in January as Buyers and Sellers return from their holiday activities. There is often another surge in March after the time change and we shift to longer days. Consumers are getting acclimated to the higher interest rates and more confident that large price decreases are unlikely unless other economic factors impact the real estate market.
I still feel strongly that if first time home buyers or Buyers with a lower down payment (such as FHA or VA loans) who have not been competitive with offers for the last two years do want to get into the real estate market they should start getting their ducks in a row now. Top items are saving for down payment, monitoring/improving credit score and learning about loan types. 
If you want to buy real estate in the 2023 now is the time to learn about what type of loan you can qualify for and want to use for your purchase.
Who to Call
For a free consultation on your home’s value, how to prepare your home to sell or the real estate market in general call me at (818)570-1144 or email [email protected] or visit https://janeybishop.com
SRES, CPE, CPRES, RCSD, CDRE
Senior Real Estate Specialist, Certified Divorce Real Estate Expert Certified Probate Expert
Certified Probate Real Estate Expert, Real Estate Collaborative Specialist – Divorce
