Sales of Existing Single-Family Homes
California’s housing market softened further in July for the third consecutive month as higher interest rates and rising home prices eroded housing affordability and dampened demand.
In the midst of the peak home-buying season, high home prices and rising interest rates combined to crimp housing affordability, which in turn is subduing home sales. Some of the reluctance by buyer s appears to be driven by fears that the market may be peaking. Additionally, the lack of a federal tax incentive for homeownership could be at play given that much of the weakness is in the lower-priced, first-time buyer segment of the market.
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