Safety, News, and Alerts
February 16, 2018
Lack of housing inventory and deleterious effects of affordability take toll on January home sales
- Existing, single-family home sales totaled 388,800 in January on a seasonally adjusted annualized rate, down 7.6 percent from December and down 2.9 percent from January 2017.
- January’s statewide median home price was $527,800, down 4.0 percent from December and up 7.3 percent from January 2017.
- The most affordable 20 percent of the market now has a median price of $220,000 in California, up more than 10 percent from a year ago, when an entry-level home averaged $200,000.
LOS ANGELES (Feb. 16) – 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, the CALIFORNIA ASSOCIATION OF REALTORS® (C.A.R.) said today.
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