Southern California Home Sales Drop 20 Percent

http://www.dreamstime.com/-image14115451Rising mortgage rates and economic uncertainty contributed to an already slowing housing market in December, causing Southern California home sales to tumble 20.3 percent from a year ago, new data show.

That’s the biggest year-over-year sales drop in eight years, real estate data firm CoreLogic reported Wednesday, Jan. 30.

With one-fifth fewer homes changing hands, December home prices barely budged, increasing by the smallest margin since the housing recovery began in 2012.

“It’s too soon to tell, but December was a bit of a yellow flag that maybe housing is slowing down,” said Ralph McLaughlin, CoreLogic’s deputy chief economist.

Area agents and home sellers say they noted a shift in market psychology as early as last summer, following 3 ½ years of a red-hot seller’s market. …

Click here to read the full article from the OC Register

Comments

  1. With companies leaving Cali for more business friendly locations, the Lefts insane Tax and Spend for Votes programs, the limited incomes of the illegals flooding Southern California and the constant Left Wing nut flack being put out by the MSM targeting the MAGA POTUS is their any wonder why there might be a slow down? The DNC/CPUSA has all but destoyed common sense in California. I would also be hesitant to take on any obligation in my former state at this time in history.

    • I found your incoherent attempt to articulate your frustration an interesting but ill-informed rant of such breadth that if it made any sense would rise to the level of ignorant diatribe.

  2. After “Location, Location, Location”, timing is everything.
    Selling in April-’18 was timing to perfection, I think.
    A CA Ex-Pat never to return.

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