The Federal Reserve's recent rate cut marks its first in four years as it navigates its battle with inflation, but its effectiveness on housing sales remains uncertain.
Homebuying has been stagnant since March 2022, following the Fed's rate hikes. Mortgage rates have doubled, causing a significant slowdown in home sales across California.
California's single-family home sales hit historic lows, below the downturns observed during the 2008 financial crisis and mid-1990s market downturn, largely due to rising costs.
Despite high mortgage rates, the median price of California homes reached $856,500, reflecting a 6% increase since March 2022, further complicating the housing market recovery.
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