"A small swing in mortgage rates might not feel like much, but for many first-time homebuyers, the margins of affordability are razor-thin in Southern California's expensive market, and $200 more for a monthly payment is the difference between keeping up with a loan or being crushed by it."
"In February, the median L.A. home for sale spent 80 days on the market - the longest median in the last five years, according to Redfin. In addition, 17.6% of home listings had price cuts, up 1.4 percentage points year over year."
"According to a March Redfin report, there are 630,000 more sellers than buyers in the active U.S. market - the largest gap on record dating back to 2013."
Katie Davis, a first-time homebuyer, is struggling with fluctuating mortgage rates that affect her ability to purchase a home. Rates fell below 6% in February but spiked again due to geopolitical events. The Los Angeles housing market is experiencing a significant slowdown, with the lowest number of home sales in three years and an increase in homes spending longer on the market. There is a notable imbalance between sellers and buyers, with a record gap in the U.S. market.
Read at Los Angeles Times
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