Southern California’s home sales fell by double-digits for the first time in two years as mortgage interest rates continue to rise, according to the latest data released by the California Association of Realtors (C.A.R.).
Home sales in Southern California dropped by 14.3 percent while the median home price increased by 11.9 percent in May, compared with a year ago, according to the association’s June 16 report.
C.A.R. President Otto Catrina said in the report that the housing market is now “more balanced”—with “fewer homes selling above list price and homes remaining on the market a little longer than in previous months.”…