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The California Association or Realtors (CAR) just posted some Dismal Statistics.
- The California housing market posted its largest year-over-year sales decline since March 2014 and remained below the 400,000-level sales benchmark for the second consecutive month in September, indicating that the market is slowing as many potential buyers put their homeownership plans on hold.
- Existing, single-family home sales totaled 382,550 in September on a seasonally adjusted annualized rate, down 4.3 percent from August and down 12.4 percent from September 2017.
- September’s statewide median home price was $578,850, down 2.9 percent from August but up 4.2 percent from September 2017.
- Statewide active listings rose for the sixth consecutive month, increasing 20.4 percent from the previous year.
- Inventory reached the highest level in 31 months, with the Unsold Inventory Index reaching 4.2 months in September.
- September year-to-date sales were down 3.3 percent.
- Tax reform, which increases the cost of homeownership, also is contributing to the decline, especially in high-cost areas such as the San Francisco Bay Area and Orange County.
Inventory Rising Fast
That image thanks to Calculated Risk.
Inventory up 20%. What’s the problem?
The same problem as down under: Supply of Homes on Australia Market Soars Rapidly, Major Crash Coming
Goodbye California, Hello Boise
Sky-high housing prices in the Golden State bring an echo boom—and new neighbors—to other Western states.
Affordable Migration
Also, please consider my article Affordable Migration: Goodbye Chicago, New York, LA – Hello 5 Cities in Texas
Even liberals have finally had enough of California, Illinois, and New York.
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