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Southern California home sales plunge 20% in December to the lowest pace in 11 years
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2019 Jan 30, 12:46pm 5,012 views 58 comments
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56
AD
2019 Mar 20, 11:55am
AD
2019 Mar 20, 11:55am
RC2006 says
I think the best you could do is type in zip code at https://www.zillow.com/los-angeles-ca/home-values/
Also check Zillow Research such as https://www.zillow.com/research/local-market-reports/
https://www.zillow.com/research/data/
Wish you could see valuations over google maps, to see price changes on more local level. Are declines more in shitty areas?
I think the best you could do is type in zip code at https://www.zillow.com/los-angeles-ca/home-values/
Also check Zillow Research such as https://www.zillow.com/research/local-market-reports/
https://www.zillow.com/research/data/
57
AD
2019 Mar 20, 12:06pm
AD
2019 Mar 20, 12:06pm
RC2006 says
Please define "shitty areas" in terms of demographics, test scores at local public schools, amount of people living under one household roof, etc.
Are declines more in shitty areas?
Please define "shitty areas" in terms of demographics, test scores at local public schools, amount of people living under one household roof, etc.
58
anonymous
2019 Mar 31, 4:49am
This week ATTOM Data Solutions released its Q1 2019 U.S. Home Affordability Index, which shows that median-priced homes were not affordable for average wage earners in the first quarter of 2019 in 71 percent of the U.S. housing markets.
Of the 473 U.S. counties included in the analysis, 335 (71 percent) were not affordable for average wage earners. Among those, was Orange County, California, where the annual income needed to buy was $184,022 which was well above the $62,478 average annual wage there. In Orange County, an average wage earner would need to spend 82.5 percent of his or her income to buy a median-priced home in the first quarter of 2019.
Here are the top 10 counties where the greatest percent of annualized wages was needed to buy a home in Q1 2019:
https://www.attomdata.com/news/market-trends/figuresfriday/top-10-counties-with-the-worst-home-affordability/
Of the 473 U.S. counties included in the analysis, 335 (71 percent) were not affordable for average wage earners. Among those, was Orange County, California, where the annual income needed to buy was $184,022 which was well above the $62,478 average annual wage there. In Orange County, an average wage earner would need to spend 82.5 percent of his or her income to buy a median-priced home in the first quarter of 2019.
Here are the top 10 counties where the greatest percent of annualized wages was needed to buy a home in Q1 2019:
https://www.attomdata.com/news/market-trends/figuresfriday/top-10-counties-with-the-worst-home-affordability/
« First « Previous Comments 56 - 58 of 58 Search these comments
From November to December, sales of new and existing houses and condominiums in Los Angeles, Riverside, San Diego, Ventura, San Bernardino and Orange counties dropped 8.2 percent.
Sales usually rise in Southern California between November and December, with an average increase of around 12 percent, so this was clearly a huge aberration.
•The housing pain persists in Southern California, as higher costs weigh heavily on potential buyers. Home sales in the region fell 20.3 percent year over year in December, according to CoreLogic. That is the lowest December sales pace since 2007.
•From November to December, sales of new and existing houses and condominiums in the area dropped 8.2 percent in December.
•Sales usually rise in Southern California between November and December, with average increase of around 12 percent, so this was clearly a huge aberration.
"Last month's sharp drop in home sales stands out in several ways," said Andrew LePage, a CoreLogic analyst, noting that it was the slowest pace in 11 years and the largest decline for any month in more than eight years. "This drop in activity reflects a variety of factors. Mortgage rates hit a 2018 high in November, affecting December closings, and stock-market volatility created an additional headwind in high-end markets. Meanwhile, some would-be buyers remain priced out or unwilling to buy amid concerns that prices have overshot a sustainable level."
Sales of newly built homes fared particularly badly, down more than 50 percent from their average over the last 30 years. Much of that is because builders are still building far fewer homes since the housing crash, and part is because prices for newly built homes continue to soar.
"Half of America can only afford a $230,000 mortgage, and the builders in good locations just can't get down to anywhere near that," said John Burns, CEO of California-based John Burns Real Estate Consulting. "Eleven of the top 19 builders, their average sales price is above 400 grand."
More: https://www.cnbc.com/2019/01/30/southern-california-home-sales-plunge-20percent-in-december-lowest-pace-in-11-years.html
If you go back and look what happened not so long ago, it is interesting to see the same type of headlines.
Type in SoCal Housing in the search tab on here.
#SoCal #Housing