With mortgage rates averaging above 7% for the first time in 22 years, home buying fell to one of the lowest levels on record.
This home in Chatsworth is listed at $729,000 on Monday, October 30, 2023. Based on the first nine months of the year, 2023 is on track to be the slowest year in CoreLogic records.
At the same time, the number of homes for sale ticked upward a bit, as it normally does this time of year. That, in turn, eased the buyer competition that created upward pressure on home prices.— Median home prices dipped from August in five of the region’s six counties. Los Angeles County was the only jurisdiction with a one-month price gain in September.— September was the 22nd straight month that Southern California home sales have fallen on a year-over-year basis.
— A typical house payment for a median-price Southern California home totaled $3,936 a month in September, down just $3 a month from the all-time high of $3,939 in August, when the median was $10,000 more.
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