The California Association of Realtors reported yesterday that Los Angeles area sales fell to lowest level in more than 10 years in January. Statewide, existing, single-family home sales totaled 357,730 in January on a seasonally adjusted annualized rate, down 3.9 percent from December and down 12.6 percent from January 2018. Similarly, Los Angeles County SFRs were down 25.5% MTM and 14.2% YTY. Prices for the same periods were down 3.8% from December to January, and up a miniscule .3% from January of 2018 to January 2019.
Statewide statistics for February won’t be published until March, however, my local statistics on a month-to-date basis show the decline deepening as we go into the month. Local clients looking for updates are welcome to call at any time. We publish LA South Bay numbers within 2-3 days of month end.
The US economy, indeed the world economy, is in a highly volatile mode currently. Forecasts for several months past have been at odds with the statistical evidence. While we can’t give much insight to the wider economy, we track the LA South Bay area daily. If you’re considering buying or selling in the the next few months, give us a call for the best local advice available.
For more detail and for state wide data, please visit: https://www.car.org/en/aboutus/mediacenter/newsreleases/2019releases/jan2019sales