Buyers weighed down by higher mortgage rates and record-high home prices are pressing pause on home sales and keeping their distance from the housing market altogether. In response, home sellers, who have long held an unshakable upper ground in a market defined by record home appreciation, are increasingly lowering their asking prices and accepting reduced offers.
Even in popular regions like Southern California, all signs point toward a market slowdown, but experts say it will still take time for price reductions to cause any significant drop in overall home values, the Los Angeles Times reports.
“The market is not the same as it was a month ago even,” said Lindsay Katz, a Los Angeles agent at Redfin, the brokerage company.
On Covello Street in Van Nuys, the owner of a four-bedroom house recently cut the price by $50,000 to $949,900 after the 1950s tract home sat on the market for three weeks.
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