Expect a weaker housing market in California in 2023 as an ongoing battle against inflation creates a small recession – keeping interest rates elevated and suppressing buyer demand, according to a forecast released Thursday, Oct. 13, by the California Association of Realtors.The baseline scenario of CAR’s “2023 California Housing Market Forecast” sees a decline in existing single-family home sales of 7.2% next year to reach 333,450 units, down from the projected 2022 sales figure of 359,220.The 2022 figure is 19.2% lower compared with the pace of 444,520 homes sold in 2021, according to the real estate trade association.The California median home price is forecast to drop 8.8% to $758,600 in 2023, following a projected 5.7% increase to $831,460 in 2022 from $786,700 las
