The California housing market experienced a marked cooling in January, with existing single-family home sales decreasing by 10% to 254,110 from 282,490 in December. Over the year, sales have dropped by 1.9%. The median price for a home also fell by 2.6%, down to $838,850, even though prices have continued to rise compared to the previous year. Influencing these trends are high mortgage rates and significant damage from wildfires, particularly in Southern California, which has led to a substantial drop in sales activity.
In January, sales of existing single-family homes dipped by 10% to 254,110, down from 282,490 in December according to the California Association of Realtors.
The statewide median price of an existing single-family home declined by 2.6% in January to $838,850 from $861,020 in December.
#california-housing-market #home-sales-decline #real-estate-trends #mortgage-rates #wildfires-impact
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