July 13, 2024

 

housing marketThe National Association of Realtors said today that sales of existing homes dropped in January to the lowest level in nearly 12 years. Some, did not expect this drop because sales had surged in December, providing some hope that the long-awaited housing market bottom was in sight.

The median sales price in January plunged to $170,300, down 14.8 percent from $199,800 a year earlier. That was the lowest price since March 2003.

Lawrence Yun, chief economist for The National Association of Realtors said: "Roughly two in five home sales are 'distress' transactions where the mortgage company must erase some of the original loan amount in order to complete the sale. We are seeing worsening economic conditions – loss of housing wealth and in the stock market… Very low confidence."                San Diego real estate market

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5 thoughts on “Existing Home Sales & Values Drop in January

  1. Homes will always be unaffordable to the average person in high priced CA as long as government subsidize home owners in the form of mortgage tax deductions, and Fannie Mae bailouts. Remove the interest tax deduction and watch the prices correct 50%. This place a bottom on home prices and increase home ownership than further government meddling. The issue is affordability, not unemployment. Prices are still too high due to government tax policies and bad lending practices.

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