Falling mortgage rates and home prices bring some buyers back into the Southern California market just in time for spring.
prices surged during the pandemic housing boom.for a Tarzana condo by $25,000 — and paid in cash.
Last month, he made an offer on a two-bedroom condo in downtown L.A. that had languished on the market for 72 days. At $20,000 below the $450,000 list price, his offer — the only one — was accepted. Whether the modest rebound will hold is unclear. Returning buyers may need to rapidly adjust what they can afford.Stocks took their biggest fall in four weeks Thursday following more evidence that high inflation is staying stickier than expected.
One mortgage broker said he noticed a “huge drop-off” in demand as rates rose last week, while other brokers and real estate agents said they’ve seen buyers plow ahead undeterred.
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