The hot housing market in Los Angeles might be coming to a halt, according to the latest research into real estate trends.
It's been a seller's market for years, but new data from Core Logic Wednesday suggests the super-heated market may finally be cooling off: total sales for May 2022 were down 16% from May 2021. That makes it the worst May sales in 34 years.
"What they're saying is the actual number of sales are down year over year and part of that is that there was a lot of pent-up demand over the last few years and low-interest rates really drove that," said Jesse Weinberg, who has been in the real estate sphere for close to 20 years. "There's an affordability piece that we're seeing," said Weinberg.
Core Logic is also reporting the median monthly payment on homes purchased in 2022 is 40% higher than homes purchased in 2021. Experts blame high prices and mortgage rates that have almost doubled since January 1. "People are worried about how rising rates will affect prices," added Weinberg."Typically if you increase the cost of the money, to borrow it, that will affect prices and prices will typically come down."
Weinberg said one of the biggest challenges is finding properties to buy. The buyers, however, are there and when they find something they like it tends to sell quickly.
Deutschland Neuesten Nachrichten, Deutschland Schlagzeilen
Similar News:Sie können auch ähnliche Nachrichten wie diese lesen, die wir aus anderen Nachrichtenquellen gesammelt haben.
'Factorian Deep,' the new deepest point in Antarctica's Southern Ocean, mapped for the first timeBrandon has been a senior writer at Live Science since 2017, and was formerly a staff writer and editor at Reader's Digest magazine. His writing has appeared in The Washington Post, CBS.com, the Richard Dawkins Foundation website and other outlets. He holds a bachelor's degree in creative writing from the University of Arizona, with minors in journalism and media arts. He enjoys writing most about space, geoscience and the mysteries of the universe.
Weiterlesen »
New Ferrari 296 GTS revealed – a new rival for the McLaren 720S Spider | EvoFerrari's new 296 GTS was on show at this year's Le Mans 24h. Which do you think looks better, GTB or GTS?
Weiterlesen »
New Ford Fiesta vs new Ford FocusThese popular siblings from the Ford family each has a new outfit to show off. We put them head to head to see which wears it best
Weiterlesen »
Homeless New Yorkers take part in crafting city's new housing planIt had been months in the making. On Tuesday, Mayor Adams announced details of the city's new housing and homeless plan. NatDuddridgeTV spoke to former and current homeless people who say they got a chance to be part of the process.
Weiterlesen »
New 'FX on Hulu' show 'The Old Man,' premieres at the MoMA in New York CityCall it clash of the titans. Two of Hollywood's best actors square off as former colleagues who must now be adversaries in a new limited series called 'The Old Man.'
Weiterlesen »
New FX show 'The Old Man,' premieres at the MoMA in New York CityCall it clash of the titans. Two of Hollywood's best actors square off as former colleagues who must now be adversaries in a new limited series called 'The Old Man.'
Weiterlesen »