SoCal Multifamily Sales Pulse - May 22, 2022 - May 28, 2022

147 views Published on 30 May 2022


The Pulse of the Market  
Across Southern California, the single-family home market has hit the brakes due to the recent interest rate increases. Sellers are putting their homes on the market to try to take advantage of what's left of the hot market. But sales are down 19% year over year. Orange County home sales dropped 28% year over year. Even with the slower sales, the median price is up 21% over 12 months. So far, the slowdown hasn’t shown up in the SoCal multifamily market. More than likely, it’s because rents are still increasing and the supply isn’t meeting the demand.

WHAT TO EXPECT:
I expect the SoCal multifamily market to stay hot throughout the summer and early fall. Some investors will drop out of the market due to increasing interest rates but I don’t expect a dramatic increase in inventory because of it. Price should continue to increase but not at the same pace that we’ve seen in the last couple of years.


Mike Lembeck


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