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November Real Estate Update

Ana Connell,November 29, 2022

Rates And Inventories Settle Back Down

Good news, bad news. The good news is that interest rates really settled back down from the high we saw a few weeks back, the bad news is that inflation came in high enough that analysts don't think the Fed is done raising rates. Reflecting the impact rates are having, existing home sales slumped 5.9% in October, but the median home price rose to $379,100, up 6.6% YOY. Experts vary on forecasts, with some looking at 10%+ decreases, nationally, in home prices for the coming year. Corelogic tracks home prices nationwide and reported that home prices for the last twelve months, year over year, rose 11.4%. It's now forecasting an increase of 3.9% for the coming twelve months.

Locally, definitely seeing more price reductions and longer days on market and, while inventory increased in the last few months, the amount of new listings is starting to slow down and overall inventory has trended down.
The chart below shows home prices are still registering some gains.

Below are some good reads:

Repairs That Will Help Your House Sell In a Cooling Market
How Fed Interest Rate Hikes Will Affect You
New Tax Brackets for 2023

2023 Kitchen Design Trends

Single family home prices(median) for September 2022-November 2022:

Glendale	+ 8.9%
Burbank	+ .8%
Toluca Lake*	+ 34.0%
Pasadena	+ .0%
Studio City	+ 2.0%
Hollywood Hills	+ .0%
Valley Village	+ 4.2%
Sherman Oaks	+ 5.1%

Woodland Hills

- 2.1%

*Please note that this area had few sales so percentages
are somewhat misleading

Weekly national mortgage rates for loans under $400,000, top credit scores: