Housing Haunted By the Fed

The Fed chairman Jerome Powell stated in June that the housing market needed a bit of a reset. When he spoke again in September he elaborated on what that meant.

*An end to the swift rise in home prices where homes were selling way above their asking price.

*For supply and demand to get better aligned so that home values did not skyrocket higher.

*Help bring home prices more in line with rents and other housing fundamentals.

*The housing market would have to go through a correction to get to that place, a better balance. 

Housing demand is way down and housing inventory is way up; average days on market is now 87.  To find out more about this correction read the latest Orange County Housing Report from Steven Thomas in this link.

 

Real Estate Market Snapshot for Huntington Beach as of 11/1/2022

* There are 30 new homes on the market in the last week in Huntington Beach for a total of 248 active listings.

* 21 properties went under contract in the last week.

* 31 active listings have reduced their price this last week.

* Median list price is $1,349,000.

Christine DiCarlo

Real Estate Broker License #01290192

949.433.4372 Mobile


christine@remeorealty.com