Based on what it says will be a "modest" and "mild" recession, the California Association of Realtors is projecting that home prices and home sales will decline in the Golden State next year.
CAR, in a forecast released this week, is projecting an 8.8% decline in home prices in California in 2023 and a 7.2% decline in home prices.
Based on CAR's forecast, single-family home sales in California will decline to a total of 333K units in 2023 from the projected pace of 359K in 2022. The 359K total for this year represents a YOY decline of 19.2%.
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