Southern California home sales fall to all-time low

This data shows why we are seeing multiple offers on properties again... there are still not enough homes for sale!

Closed sales this past January fell to 9,938, the lowest number of transactions in records dating back 35 years, real estate data firm CoreLogic reported Tuesday, Feb. 28.

An average January has about 17,000 closings.

We need more homes to hit the market to meet buyer demand!

I predict the Fed will raise rates tomorrow by 25 bases point

Tomorrow the Federal Reserve will announce if they will or will not raise short-term rates. My prediction is that we will see them raise rates another 25 bases point: that’s a fancy way of saying .25 of 1%.

How do I know?

I have been tracking a market indicator called the Fed Funds Futures. That indicator shows what investors are betting on. It currently shows a 98% probability that we will see a 25 bases point raise... so I'm going with that.

Do you think they will raise the rates tomorrow?

43.4% of sellers have reduced their asking price

The share of Realtors who have seen home sellers reduce their price to attract buyers increased for the fifth consecutive month to 43.4%.

The share of buyers expecting lower prices also has more than doubled from 32% in April 2022 to 78% in September 2022.

Source: Latest California Association of Realtors monthly member sentiment survey