Housing Market Update
New construction continues in west Roseville.

Impact of rates, high prices, and recession risk

Roseville, Calif.- With higher interest rates driving buyers from the housing market, we are seeing demand drop as the impact of rates, high prices, and recession risk reduce buyer confidence.

It’s clear that over the past two years, the combination of the pandemic, low mortgage rates, and the opportunity to work remotely spurred greater demand. Now, as the market adjusts to a higher rate environment, we are seeing reduced activity which will be around until the market stabilizes.

National Association of Realtors

The National Association of REALTORS ยฎ reported this week that contract signings were down 20 percent in June compared to the same period in 2021. NAR is forecasting home sales for 2022 will be down 13 percent from last year.

There is still a demand for housing and if interest rates stay near 6 percent NAR believes home sales will start to rise in 2023.

Julie Jalone

Realtor Julie Jalone

If you have any questions about buying or selling a home in the current market, feel free to reach out to me at the MagnumOne Realty Office in Roseville at (916) 899-6571 by email to [email protected] I would be happy to answer your questions.

We specialize serving the needs of buyers and sellers of homes in the Sacramento area including Sacramento, Placer, El Dorado, Sutter and Yuba counties.

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