{"id":1696216,"date":"2022-10-14T06:08:03","date_gmt":"2022-10-14T10:08:03","guid":{"rendered":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/?p=1696216"},"modified":"2022-10-16T13:38:04","modified_gmt":"2022-10-16T17:38:04","slug":"realtors-association-projects-softening-housing-market-with-moderate-recession-in-california-in-2023-2","status":"publish","type":"post","link":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/realtors-association-projects-softening-housing-market-with-moderate-recession-in-california-in-2023-2\/","title":{"rendered":"Realtors\u2019 Association Projects Softening Housing Market With Moderate Recession in California in 2023"},"content":{"rendered":"<aside class=\"mashsb-container mashsb-main mashsb-stretched\"><div class=\"mashsb-box\"><div class=\"mashsb-count mash-medium\" style=\"&quot;\"><div class=\"counts mashsbcount\">26<\/div><span class=\"mashsb-sharetext\">SHARES<\/span><\/div><div class=\"mashsb-buttons\"><a class=\"mashicon-facebook mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/www.facebook.com\/sharer.php?u=https%3A%2F%2Fwww.conservativenewsdaily.net%2Fbreaking-news%2Frealtors-association-projects-softening-housing-market-with-moderate-recession-in-california-in-2023-2%2F\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Facebook<\/span><\/a><a class=\"mashicon-twitter mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/twitter.com\/intent\/tweet?text=&amp;url=https:\/\/www.conservativenewsdaily.net\/breaking-news\/?p=1696216&amp;via=ConservNewsDly\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Twitter<\/span><\/a><a class=\"mashicon-subscribe mash-medium mash-nomargin mashsb-noshadow\" href=\"#\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Subscribe<\/span><\/a><div class=\"onoffswitch2 mash-medium mashsb-noshadow\" style=\"display:none\"><\/div><\/div>\n            <\/div>\n                <div style=\"clear:both\"><\/div><\/aside>\n            <!-- Share buttons by mashshare.net - Version: 4.0.47--><p>As <a href=\"https:\/\/www.theepochtimes.com\/t-mortgage-rates\">mortgage rates<\/a> are up near 7 percent and home sales slow down across the country, many are wondering if the Golden State of California is still a seller\u2019s market.<\/p>\n<p>Real estate experts predict that California\u2019s housing market will soften in 2023, with home prices expected to fall by 8.8 percent. However, they believe that this is only a modest adjustment before the market returns to normalization, and will not experience the same price crash as during the last financial crisis in 2008\u201309.<\/p>\n<p>The California Association of Realtors (CAR) released its latest forecast on Oct. 12, predicting a 7.2 percent year-over-year decline in existing single-family home sales next year, bringing down the sales to 333,450 units.<\/p>\n<p>The projected 2022 sales figure, 359,220 units, is 19.2 percent lower compared with the 444,520 homes sold in 2021.<\/p>\n<p>Jordan Levine, vice president and chief economist of CAR, told The Epoch Times that the current sales pace remains \u201crelatively low in the face of higher interest rates.\u201d<\/p>\n<p> <a href=\"https:\/\/img.theepochtimes.com\/assets\/uploads\/2022\/10\/13\/Jordan-Levine-1200x900.jpeg\"><\/a> CAR Vice President and Chief Economist Jordan Levine at C.A.R. premiere real estate trade show, on Oct. 12, 2022. (Linda Jiang\/Epoch Times) <\/p>\n<p>\u201cI think that the increase in interest rates, the economic uncertainty, all kind of combined to reduce buyer demand,\u201d he said. \u201cSo we think we\u2019re going to end this year, probably down 20 percent from where we were at the same time last year, and then probably in 2023 fall a little bit more.\u201d<\/p>\n<p>CAR estimates that the California median home price will retreat 8.8 percent, to $758,600 in 2023.<\/p>\n<p>\u201cA less-competitive housing market for homebuyers and a normalization in the mix of home sales will curb median price growth next year,\u201d said the CAR report.<\/p>\n<p>According to Levine, housing demand and home prices will soften throughout 2023, sales will take longer, and there will be more inventory and fewer homes selling above listing price.<\/p>\n<p>Nonetheless, he stressed that such price reductions are a normal market reaction.<\/p>\n<p>\u201cBut the thing I would advise buyers to keep in mind is it\u2019s not 2008 all over again. We have much better fundamentals in the mortgage market. A lot of people have a lot of home equity, fixed-rate loans. And so even as we\u2019re going through a challenging macroeconomic time, it\u2019s not going to result in the same kind of price pressures that we had during the last financial crisis,\u201d he said to The Epoch Times.<\/p>\n<p>In addition, the CAR report said housing affordability in California is expected to drop to 18 percent next year from a projected 19 percent in 2022.<\/p>\n<p> Mortgage Rates to Remain High <\/p>\n<p>CAR\u2019s 2023 forecast projects a dip in the U.S. gross domestic product of 0.5 percent in 2023.<\/p>\n<p>With California\u2019s 2023 nonfarm job growth rate at 1.0 percent,\u00a0the state\u2019s unemployment rate will edge up to 4.7 percent in 2023, the report said.<\/p>\n<p>CAR projects high inflation and growing economic concerns will continue into next year, keeping the average for 30-year, fixed-rate mortgage interest rate elevated, at 6.6 percent, in 2023, up from<\/p>\n","protected":false},"excerpt":{"rendered":"<p>As mortgage rates are up near 7 percent and home sales slow down across the country, many are wondering if the Golden State of California is still a seller\u2019s market. Real estate experts predict that California\u2019s housing market will soften in 2023, with home prices expected to fall by 8.8 percent. However, they believe that &hellip;<\/p>\n","protected":false},"author":1,"featured_media":1696220,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_mo_disable_npp":"","fifu_image_url":"","fifu_image_alt":"","footnotes":""},"categories":[547],"tags":[],"class_list":["post-1696216","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-the-bongino-report"],"_links":{"self":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/1696216","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/comments?post=1696216"}],"version-history":[{"count":0,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/1696216\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media\/1696220"}],"wp:attachment":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media?parent=1696216"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/categories?post=1696216"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/tags?post=1696216"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}