Housing Market CRASH 2023! Is it Going To Happen? #shorts #housingmarket #homesweethome #realtor #la

Housing market crash 2023

The La Crescenta Housing Market in 2022 & Predictions for 2023

The year 2022 saw some changes in the La Crescenta housing market, which have left many wondering what the future holds. With 2023 now here, it's time to take a look back at the trends seen in 2022 and what we can expect this year.
Home Prices:

In the final quarter of 2022, home prices in La Crescenta experienced a 6% year-over-year decrease, falling from $1.189 million to $1,113 million. This was the first drop in home prices in over a decade. Throughout the year, prices continued to trend downwards, with a 17% drop from the first quarter's $1.338 million to $1.205 million in the third quarter.
Market Activity:

The number of closed sales and new listings were noticeably lower in the fourth quarter of 2022 compared to typical numbers. Only 46 closed sales and 45 new listings were recorded, compared to the usual 70 closed sales and 70 new listings. This decline was primarily due to the high interest rates seen in the second half of the year, which deterred many sellers from putting their homes on the market. As a result, the average days on market increased from 20 days to 34 days, indicating a slowdown in buyer demand. This has led to a higher inventory of homes on the market.

Outlook for 2023:

So what can we expect from the La Crescenta housing market in 2023? Firstly, the rise in mortgage rates is likely to have peaked, and experts predict that interest rates will decline as inflation begins to slow. Home prices are expected to be flat to moderately appreciative throughout the year, with a dip seen since the peak of the market. It is important to note that there will not be a major crash similar to 2008, as the current low inventory levels will prevent this from happening.

When will the market pick up again? It is believed that a 4% to low 5% interest rate could trigger an increase in buyer and seller activity, leading to a more normal home appreciation rate. However, the days of 2% to 3% interest rates and 20% to 30% yearly home appreciation may not return. The housing market in 2023 will be heavily influenced by inflation and the Federal Reserve's response to it with interest rates.
In conclusion, the La Crescenta housing market in 2023 will be an interesting year, with a focus on inflation and interest rates. If you're thinking of buying or selling, it's important to prepare your home to appeal to buyers in this market, and to have a plan in place for navigating the market.

We’re seeing dramatic changes in the US housing market. In today’s video I share my own analysis based on the latest real estate market data and the impacts that these trends could have on our US housing market in the weeks and months ahead. Enjoy!


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