C.A.R. releases its 2023 California Housing Market Forecast
LOS ANGELES, Oct. 12, 2022 /PRNewswire/ -- A modest recession caused by an ongoing battle against inflation will keep interest rates elevated to suppress buyer demand and contribute to a weaker housing market in 2023, according to a housing and economic forecast released today by the CALIFORNIA ASSOCIATION OF REALTORS® (C.A.R.).
- Existing, single-family home sales are forecast to total 333,450 units in 2023, a decline of 7.2 percent from 2022's projected pace of 359,220.
- LOS ANGELES, Oct. 12, 2022 /PRNewswire/ -- A modest recession caused by an ongoing battle against inflation will keep interest rates elevated to suppress buyer demand and contribute to a weaker housing market in 2023, according to a housing and economic forecast released today by the CALIFORNIA ASSOCIATION OF REALTORS (C.A.R.)
- 's "2023 California Housing Market Forecast" sees a decline in existing single-family home sales of 7.2 percent next year to reach 333,450 units, down from the projected 2022 sales figure of 359,220.
- 's 2023 forecast projects a dip in the U.S. gross domestic product of 0.5 percent in 2023, after a projected uptick of 0.9 percent in 2022.