Real estate experts are saying a slowdown in Southern California home sales—by double-digits for the first time in two years—are the result of recent hikes in interest rates for home loans, indicating a cooling in the market.
Sales 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 latest data released by the California Association of Realtors (C.A.R.).
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.”…