SoCal Multifamily Sales Pulse - August 28, 2022 - September 3, 2022

• 05 September 2022
• Mike Lembeck

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Here's What's Happening In The Market, Here’s What This Means For You

Mortgage rates will fall to 4.5% in 2023? That’s the estimate from Fannie Mae.

We are already seeing the slowdown in price growth, but I do think as this correction progresses, the local story will take over. Some markets will drop, some will stay strong.

One in five home sellers is now dropping their asking price as the housing market cools.

Fed seen sticking to interest rate hikes even as unemployment rises.

Rising U.S. unemployment and a slowdown in wage growth has traders betting that borrowing costs next year may not end up quite as high as previously anticipated.

The U.S. housing market downturn will be worse in 2023, forecasts Goldman Sachs.

Southern California’s average weekly wages rose 4% to $1,397 a week. Pay dipped in the rest of California by 0.6% to $1,834 a week.

Nobel Prize-winning economist and Columbia University Professor Joseph Stiglitz told CNBC that hiking “too high, too fast, too far” would stoke inflation in goods and housing.

The Pulse Of The Market

Price reductions have become extremely common lately as the price change stat is currently the most often changed stat in the market. Listing inventory hasn't increased much in most areas after hitting a peak a few months ago. The total weekly closed sales have decreased, but only slightly in most areas. Of the closed sales there have been, there are fewer properties selling at or above the asking price and the days on the market stat is still running about the same as it has been over the last 6 months. 

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