Last month, May the most expensive sale in La Canada was 5118 Hillard Ave. This Craftsman originally listed for $4,500,000 and sold in twelve days at the asking price. The sellers purchased this home as land value in 1997 for $680,000. In 2002, they took out a construction loan for $1,300,000 and rebuilt the home from the ground up.
Marketing for 5118 Hillard Ave., La Canada:
Inflation is the new reality and is eroding savings and income.
It will impact consumer spending growth in coming quarters. To keep inflation under control, the Federal Open Market Committee (FOMC) has already raised its target range for the federal funds rate to 150 (1.5%) basis points since March. It’s likely there will be further interest rate increases this year and 2023. There is no question that an economic slowdown is forthcoming in the next few quarters. We can only hope the Fed’s newly found action will lead to a soft landing and not a recession.
