Homes are Staying on the Market Longer, on Average
In 2021 and the first few months of 2022, the real estate market was thriving because of the low interest rates and the high competition among buyers. Now that the Federal Reserve has increased interest rates numerous times over the past year, mortgages cost considerably more than before, making it increasingly difficult for buyers to afford a home. In Los Angeles, CA, homes remained on the market for an average of 65 days in December 2022. During the three months spanning March-May 2022, homes stayed on the market for an average of 46 days. The following takes a more comprehensive look at why homes haven't been selling as quickly. Why are Homes Staying on the Market Longer?There are several…
