The California housing market is facing hardship due to higher mortgage rates, resulting in a decrease in home sales and less willingness from sellers to lower prices. Despite this, the median price of homes has still increased by 3.2% from the previous year. The Federal Reserve’s decision to keep rates higher for longer will continue to affect the cost of borrowing and affordability, but the positive year-over-year price growth is expected to remain through October 2023.
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