More stalled housing market challenges California homebuyers, sellers

Just since last March, 30-year fixed market rates went from 3.2 percent to today's high of 6.8 percent — more than double.

"If they're financing $500,000, $900,000 or even more than a million, that can be a dramatic payment swing of $300, $600, sometimes even more on a monthly payment," said O’Malley. Multiple bidding wars have mostly given way to one or two offers. The Federal Reserve says, since January, California's home listing have gone from about 24,000 units to 51,000: more than double.

Interest rate doubled. That’ll slow things down.

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