Feb 21 2018 46078 1

Feb 21 2018 46078 1

Lack of Housing Inventory and Deleterious Effects of Affordability Take Toll on January Home Sales

Following months of defying severe housing inventory shortages and eroding affordability, California’s housing market dropped below the 400,000-level sales benchmark for the first time in nearly two years as sales declined on both a monthly and annual basis, C.A.R. reported.

Closed escrow sales of existing, single-family detached homes in California totaled a seasonally adjusted annualized rate of 388,800 units in January, according to information collected by C.A.R. from more than 90 local REALTOR® associations and MLSs statewide. It marked the first time since March 2016 that the statewide sales figure dropped below 400,000.

January’s sales figure was down 7.6 percent from the 420,960 level in December and down 2.9 percent compared with home sales in January 2017 of a revised 400,580. The month-to-month decline was the largest in more than two years.

The statewide median price continued to grow at a strong pace over last year and remained above the $500,000 mark for the eleventh straight month. The $527,800 January median price was down 4 percent from December’s $549,560 and was 7.3 percent higher than the revised $491,840 recorded in January 2017. The year-over-year price gain has been growing at or above 7 percent for seven of the past eight months.
More info

Dareld Phillips CalBRE 01731264 Headshot
Phone: 916-532-9107
Dated: February 22nd 2018
Views: 54
About Dareld: Hi, my name is Dareld Phillips Sr., of “The Phillips Team.” I go by “Coach Dareld.” I do no...

Property Search

RSS Feed

View our latest blog posts in your RSS reader. Click here to access. RSS

Search Blog

Recent Blogs

Hot Home Trend Bringing Back The Brass - By Melissa Dittmann Tracey,
Winning The Real Life Game Of Monopoly - Winning The Real Life Game&
Why We Remember And Honor Memorial Day - Many Americans see Memorial Day
Our First Home - It blows me away how quickly the

Saved Properties

This is a list of your favorite properties. We will email you if a property is reduced or leaves the market.

Click 'Save' to add a property to this list.

Register / Login

New & returning visitors please enter your information to login.

By clicking 'register' you are agreeing to our terms of use & giving us expressed written consent to contact you.

Questions? Comments? Complaints?

This message will go directly to the head of our team.

Location & Address

eXp Realty California - Northern / Central Valley
2603 Camino Ramon Suite 200
San Ramon, CA