California's Home Sales Decline For Fourth Straight Month

For the fourth month in a row, home and condo sales in California fell on a year-over-year basis in November 2018, moving down 12.2% from October 2018 and 12.1% from November 2017, according to CoreLogic public data records. While sales typically fall between October and November, according to CoreLogic, the average change between these two months has been 9.4% since 2000.
Home sales below $500,000 fell 16.9% YOY in November, while sales over $500,000 fell 8.4% and sales over $1 million fell 9.6%. The median price paid for all houses and condos rose to $490,000 statewide in November, up 1.0% from October and up 4.3% from November 2017.
The sales slowdown, which began during the heart of the 2018 Spring-Summer homebuying season, reflects then-rising mortgage rates that worsened affordability, as well as a shift in buyer psychology that left some would-be buyers waiting to see if the market was nearing a peak, after which buying conditions might improve. In recent months, stock market volatility could have contributed to the high-end pullback. Market corrections can spook high-end buyers and leave some with inadequate funds to cover down payment and closings costs.

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