Real estate experts are saying a slowdown in Southern California home sales—by double-digits for the first time in two years—is the result of recent hikes in interest rates for home loans, indicating a cooling in the market.
Sales dropped by 14.3 percent in May, while the median home price increased by 11.9 percent compared with a year ago, according to the latest data released by the California Association of Realtors (CAR).
