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News Link • Housing

California Ground Zero in Upcoming Real Estate Bust

• moneymaven.io by Mike Mish Shedlock

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.

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