Posted on 07/19/2022 12:19:39 PM PDT by Oldeconomybuyer
The number of home sales in California in June dropped a staggering 21% year-over-year, a report from the California Association of Realtors revealed this week.
Outside of the early pandemic downturn in 2020, that plunge is the biggest since 2008, during the nadir of the Great Recession.
The Bay Area has seen a similar trend to the rest of the state, with home sales down a whopping 29% over past year. The cost of buying a home, however, hasn't yet dropped in San Francisco. Zillow data shows that the average cost of a single family home in the city in June was $1.91 million, up 11.5% from $1.74 million in June 2021.
(Excerpt) Read more at sfgate.com ...
Glad we sold our house there and got out when we did a year and a half ago.
Who would want to buy with prices on the way down?
Heck, I’d bet that to start, the last 2 years gains are going to be peeled off the top.
Strange, every other day we are bombarded with media stories about megamansions in Cali selling for obscene prices.
there is a growing number of people with far more money than common sense in this country.
Why we bailed out of CA over 3 years ago...It’s hard to believe but our property here in AZ has doubled in those 3 years...We’re not selling, but we’re pretty much blown away by the prices here. Their is no question our timing to bail out was near perfect. Got lucky...Today we could not afford the place we purchased.
I guess it is better they spend it?
Florida seems to keep rising. I bought here almost exactly a year ago and the Zillow estimate is up 27% today over a year ago. Home sales seem to be pretty fast after homes are listed. I have watched about a dozen sold within a few weeks after listing.
This article is about the number of homes being sold going down, not the price of those homes. That is because there is very little inventory which then drives up the price of the supply of homes.
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