Wrapping up the year......
As we wrap up the year mortgage rates moved lower, despite the 50 basis point rate hike by the Fed. Inflation numbers came in lower, at 7.1%, but still far lower than the Fed target of 2%, which means the rate hikes are having an impact, just not enough yet for the Fed to stop raising rates.
Locally, definitely seeing more price reductions, but inventory is down as new listings have slowed considerably.
The chart below shows home prices are still registering some gains in some areas, but definitely reflecting a slow down. Wishing you and your families a wonderful holiday season!
Below are some good reads:
73 Kitchen Island Ideas to Inspire Your Next Remodel
5 Reasons Why This Market is Not A Repeat of 2008
NAR Forecasts Stable Prices for 2023
New Tax Brackets for 2023
A Look Back: 100 Years of Christmas Tree Trends
Single family home prices(median) for September 2022-November 2022:
| Glendale | + 10.6% |
| Burbank | + 0.0% |
| Toluca Lake* | - 43.5% |
| Pasadena | + .8% |
| Studio City | + 3.8% |
| Hollywood Hills | + .0% |
| Valley Village | + 3.7% |
| Sherman Oaks | + .2% |
| Woodland Hills | + 0.0% |
are somewhat misleading
Weekly national mortgage rates for loans under $400,000, top credit scores:
| 30 yr. fixed rate | 6.23 | ||
| 15 yr. fixed rate | 5.77 | ||
| 5 yr. adjustable rate | 5.57 |
