"With mortgage rates expected to come down in the next 12 months, home sales will bounce back as buyers and sellers return to a more favorable housing market. Home prices should see a moderate increase in 2024 as well," Melanie Barker, the association's president, stated in the report.
Last year, California recorded the biggest home sales drop since 2007. However, the association says the loss is slowing which could signal the "market is turning the corner."
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