Listings fell to a 12-year low for June, keeping buyer competition high despite reduced demand, new housing figures show.
Southern California’s housing market continued rebounding in June, despite below-average salesWith inventory at the lowest level for a June in a dozen years, even this year’s diminished demand exceeds the number of homes for sale, driving up prices.
The pattern is the same that has gripped the region’s housing market since the start of the year, with homeowners choosing to keep historically low mortgage rates rather than selling. — Rising mortgage rates and higher prices hit entry-level buyers even harder, especially in the region’s most affordable area, the Inland Empire. The minimum income needed to afford an entry-level home rose 7.5% to almost $105,000 a year in the Inland Empire, Redfin reported.
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