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Rising interest rates are expected to have a significant impact on the condo market next year. According to a recent report from Polaris Pacific, condo sales volumes dropped significantly in October as a result of high pricing pushing some buyers out of the home buying market. Next year, rising interest rates could likely put downward pressure on condo prices in Los Angeles, and it could lead to a declining market.

“Increased rates will play a significant role in shaping both buyer sentiment and affordability,” Mike Akerly, VP and regional manager at Polaris Pacific, tells GlobeSt.com. “That, in turn, could have an impact on the pricing trajectory. It is likely that there could be a pullback in the rate of appreciation or even a slightly declining market.”

Kelsi Maree Borland

Kelsi Borland is a freelance writer and editor living whose work has appeared in such publications as Travel + Leisure, Angeleno and Riviera Orange County.

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