Home Prices Expected to Fall in California

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Expect a weaker housing market in California in 2023 as an ongoing battle against inflation creates a small recession — keeping interest rates elevated and suppressing buyer demand, according to a forecast released Wednesday by the California Association of Realtors.

The baseline scenario of CAR’s “2023 California Housing Market Forecast” sees a decline in existing single-family home sales of 7.2% next year to reach 333,450 units, down from the projected 2022 sales figure of 359,220.

The 2022 figure is 19.2% lower compared with the pace of 444,520 homes sold in 2021, according to the real estate trade association.

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