CALIFORNIA HOUSING MARKET Prediction for 2023. Will Prices FINALLY go Down?

CALIFORNIA HOUSING MARKET Prediction for 2023. Will Prices go Down?

The housing market has slowed across the nation, including in Southern California, as a result of rising mortgage rates. There has been a drop in the number of homes sold, and there has been an increase in the number of homes available for purchase. 

As the slowdown continues to worsen, some analysts are now altering their projections to call for price drops in the next year of 2023.
These forecasts represent a departure from earlier this year, when most industry experts were of the opinion that higher interest rates on mortgages would merely have the effect of stifling price growth in California. That is, price increases would continue, but at a slower rate than they had been during the course of the previous two years.

The scenario of reduced development is still seen by many analysts as the most likely outcome. Price drops in California nowhere near those that occurred during the Great Recession are predicted by virtually no well-known experts at all, if any at all.

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