January Home Sales Plummet Over 8% – What This Might Means for the Market
January saw a significant 8.4% drop in previously owned home sales, despite record-high January prices. Get the key insights here.
Recent reports from NBC indicate a notable downturn in the housing market, with sales of previously owned homes experiencing a sharper-than-expected decline in January. This slump has caught the attention of real estate experts and potential homebuyers alike.
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Overall, homes in California are slightly less expensive than they were one year ago — but only very slightly. According to data from the California Association of Realtors (CAR), the median single family home sold for $777,500 in November 2022, compared to $782,480 in November 2021. Today’s significantly higher interest rates make that already-high price feel even less affordable.
This does not hold true across all areas of the state. For example, Fresno, Los Angeles and Orange County saw equally slight increases year-over-year, while the wine-country regions of Napa and Sonoma saw more significant increases.
Homes are also taking longer to sell, CAR reports. In October 2021, homes spent an average of 11 days on the market before selling. A year later, that number had more than doubled to 23 days on the market.
Click “Read More” below for Market Trends Statistics for Santa Barbara and artist information.
