The Federal Reserve's declaration of near victory over inflation has led to its first rate cut in four years, impacting housing by reducing financing costs.
Homebuying in California has dramatically slowed, with sales rates falling 40% below their March 2022 levels, marking the slowest pace since before the 2008 financial crisis.
Despite the easing of interest rates, California's median home price remains high at $856,500, a 6% increase since March 2022, complicating the housing market's recovery.
The current housing market situation is further exacerbated by high prices, showing a significant contrast between soaring mortgage costs and stubbornly rising home prices.
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