Rising mortgage rates likely contributed to the housing chill, yet pricing remained relatively firm due to a limited number of homes to buy.
Here are 14 trends that help explain January’s cooling. Was it a seasonal shift or the start of a deeper freeze?
Let’s start by dissecting the six-county area’s monthly sales pace dip. DQNews stats show 16,461 new and existing homes and condos sold, down 28% in a month and 8% in a year …A new year’s dip comes as no surprise. Since 1988, every year has started with slower homebuying — an average 27% decrease from December.It was still the 14th-busiest January of the 35 since 1988. Sales were 10% above the 10-year average buying pace for January.
The fall from December’s record high of $695,000 should be no surprise. Since 1988, prices have never risen from December to January, instead, averaging a 2.7% drop. On a yearly basis, the median price was up for the 115th time out of the last 118 months — that’s nearly 10 years.January marked the 18th consecutive month of double-digit, year-over-year price gains — the longest streak since a 22-month run ending in June 2014. The year’s 15.
L.A.-O.O., 41% fewer official listings, the ninth-biggest drop of 50 largest metropolitan areas; San Diego, down 39%; 11th biggest drop; Inland Empire, down 12%, seventh-smallest drop.L.A.-O.C., 19% fewer days, 14th biggest drop; San Diego, 8%, 18th smallest drop; and Inland Empire, 6% fewer days, 12th smallest drop.
Canada Latest News, Canada Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Wholesale prices jump 9.7% in January, further evidence of red-hot inflationWholesale prices accelerated again in January as strong consumer demand and pandemic-related supply-chain snarls continued to fuel the highest inflation in decades.
Read more »
EXCLUSIVE: Wolf & Badger to Open Shop in L.A.Southern California is the U.K. multibrand retailer's most significant market.
Read more »
Map: The last Shakey’s in Northern California, and other disappearing restaurants of your childhoodThe mainstay of the Little League set has 50 restaurants, all but three in Southern California.
Read more »
Tuesday night's rowdy storm brought needed rain and dazzling lightning to San Diego CountyTuesday night's rowdy storm brought needed rain and dazzling lightning to San Diego County [Breaking]
Read more »
Beverly Hills police arrest three suspects for armed robberies across SoCalBeverly Hills police have arrested a group of suspects allegedly involved in a series of armed robberies across Southern California.
Read more »
Nearly 500 prostitution-related arrests made in Southern California during Super Bowl weekThe effort coincided with the Super Bowl in the Los Angeles area this year, but Sheriff Alex Villanueva said the event didn’t lead to more statewide arrests than usual.
Read more »