Los Angeles Area Real Estate News & Insights

Note: This story was originally posted by Bankrate.com by TJ Porter & Michele Petry on January 18, 2023. All across the nation, 2022 was a turbulent year for the housing market. Mortgage rates more than doubled without a corresponding decrease in housing prices, leaving homes unaffordable for many Americans. California is one of the most populous and…

Note: This story was originally posted by PRNewswire by California Association of Realtors on January 19, 2023. LOS ANGELES, Feb. 9, 2023 /PRNewswire/ — A rapid rise in mortgage interest rates depressed housing affordability in California during the fourth quarter of 2022 and pushed the statewide affordability index for an existing, single-family home to 17 percent, just above the 15-year…

Note: This story was originally posted by PRNewswire by California Association of Realtors on January 18, 2023. LOS ANGELES, Jan. 19, 2023 /PRNewswire/ — Californians for Homeownership, a nonprofit organization sponsored by the CALIFORNIA ASSOCIATION OF REALTORS® (C.A.R.) that aims to address California’s housing crisis through impact litigation, today announced that it has filed a lawsuit against the city of Beverly Hills to enforce state…

Note: This story was originally posted by PRNewswire by California Association of Realtors on January 18, 2023. LOS ANGELES, Jan. 18, 2023 /PRNewswire/ — A short respite in rising interest rates helped edge up California home sales in December to break a three-month sales decline but still remained below the 250,000 level for the second straight month, the CALIFORNIA ASSOCIATION OF…

Note: This story was originally posted by PRNewswire by California Association of Realtors on January 11, 2023. LOS ANGELES, Jan. 11, 2023 /PRNewswire/ — The CALIFORNIA ASSOCIATION OF REALTORS® (C.A.R.) today issued the following statement in response to Governor Gavin Newsom’s 2023-24 state budget proposal: “While the state’s current budgetary shortfall may delay fully funding homeownership programs such as Senate President Pro…

Note: This story was originally posted by PRNewswire by California Association of Realtors on November 11, 2022. LOS ANGELES, Dec. 16, 2022 /PRNewswire/ — Housing demand in California continued to fall as rising interest rates further dampened the state’s housing market in November as home sales registered the lowest annualized pace since October 2007 and the largest year-over-year sales drop in…

Note: This story was originally posted by PRNewswire by California Association of Realtors on November 11, 2022. LOS ANGELES, Nov. 11, 2022 /PRNewswire/ — Housing affordability in California bounced back in the third quarter with the statewide index for existing single-family home sales inching up to 18 percent after hitting a 15-year low of 16 percent in the second…

Note: This story was originally posted by PRNewswire by California Association of Realtors on December 3, 2022. Market shift under way as mild recession and higher interest rates cut into housing demand. LOS ANGELES, Oct. 12, 2022 /PRNewswire/ — A modest recession caused by an ongoing battle against inflation will keep interest rates elevated to suppress buyer…

Note: This story was originally posted by Businessinsider.com by Alcynna and Madison Hoff on December 3, 2022. Housing affordability tanked in California this year. But the state’s stratospherically-high home prices have also led to it witnessing some of the biggest drops in median sale prices since much of the US housing market peaked earlier this year. Indeed, data…

Note: This story was originally posted by ABC7.com by David González and Grace Manthey on November 22, 2022. The red hot housing market cooled down this year after mortgage interest rates for a 30-year fixed mortgage more than doubled over the last 12 months to about 7%. “That definitely affected the housing market in terms of sales,”…