Slow January For California Home Sales

California’s home sale numbers fell by nearly 15% year over year in January 2019, marking the second month in a row that home sales fell to the lowest level for a given month in 11 years. Andrew LePage of CoreLogic attributes this drop to a number of struggles in late 2018, including affordability issues, stock market volatility and the government shutdown.
An estimated 24,674 new and existing houses and condos sold statewide in January 2019, the lowest sales tally for a January since 2008. January 2019 sales fell 20.4 percent from December 2018 and dropped 14.9 percent from January 2018, CoreLogic public records data show. Sales typically fall sharply between December and January, and since 2000 the average change between those two months is a drop of 25.3 percent. Sales have fallen year over year for the last six consecutive months.
The sales slowdown this January was likely tempered by the decline in mortgage rates that began in December 2018, when many of the buyers who closed transactions this January would have opened their deals. The annual sales decline was more pronounced last December – a 19.4 percent drop that marked the largest annual decline in more than eight years.

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