Current location:entertainment >>
U.S. California sees lowest home sales in 16 years
entertainment64People have gathered around
Introduction(Xinhua) 13:16, December 20, 2023SACRAMENTO, the United States, Dec. 19 (Xinhua) -- The home sales o ...
SACRAMENTO, the United States, Dec. 19 (Xinhua) -- The home sales of California, one of the most expensive markets in the United States, plunged to the lowest level in 16 years, a new report revealed Tuesday.
As borrowing costs remained elevated, California's existing home sales registered the biggest monthly decline last month over the past year and dropped to the lowest level since the Great Recession, the California Association of Realtors (CAR) reported on Tuesday.
The existing single-family home sales totaled 223,940 in November, down 7.4 percent from October and down 5.8 percent from a year ago, according to data collected by CAR from more than 90 local realtor associations across the state.
"Elevated mortgage interest rates and a persistent shortage of homes for sale hindered home sales in November," said 2024 CAR president Melanie Barker.
"With mortgage rates dropping to the lowest level in four months in recent weeks and the Federal Reserve indicating it plans to cut rates more than previously anticipated in 2024, more prospective homebuyers could reenter the market early next year," Barker said.
Home values and rents in California are among the most expensive in the nation. The state has experienced steeper price drops than the rest in the nation over the past year.
The statewide median price decreased 2.2 percent from October's 840,360 U.S. dollars to 822,200 dollars in November and rose 6.2 percent from a revised 774,150 dollars a year ago, according to the CAR report.
In San Francisco, one of the most expensive urban areas in the country, average home values dropped to 1.2 million dollars in November since reaching a peak of nearly 1.5 million dollars in May 2022, according to the Zillow Home Value Index, which tracks the typical home value and market changes across the U.S.
Potential homebuyers have been struggling with higher mortgage rates as well as surging prices in the state, which contributes to the declining demand.
"While sales have been weak for the past several months, a tight supply of homes for sale is keeping home prices from falling," Jordan Levine, CAR senior vice president and chief economist, explained.
"Going into 2024, the recent decline in mortgage rates, along with the upward momentum in home prices, could motivate more would-be sellers to list their homes for sale in the spring homebuying season," Levine added.
Tags:
Reprint:Friends are welcome to share on the Internet, but please indicate the source of the article when reprinting it.“Earthly Encounters news portal”。http://oman.wv-kunststoff.org/news-34c499941.html
Related articles
PGA CHAMPIONSHIP '24: Looking back at Tiger Woods and key anniversaries
entertainmentA look at some of the anniversaries this year at the PGA Championship:100 years ago (1924)One year a ...
Read moreCoachella: Earthquake shakes SoCal desert during music fest
entertainmentRIVERSIDE, Calif. (AP) — A small earthquake shook the Southern California desert Saturday near Coach ...
Read more22 killed, 10 injured as tractor trolley overturns in India
entertainment(Xinhua) 10:36, February 26, 2024NEW DELHI, Feb. 24 (Xinhua) -- At least 22 people were killed and 1 ...
Read more
Popular articles
- Irish interest in NFL heats up as league scouts more international cities to stage games
- WHO warns of persistent threats from COVID
- Olympic track uniforms spark online debate about who designed them and why they're so skimpy
- U.S. artists voice concerns over situation in Gaza amid anti
- Louisville native Justin Thomas has work to do at PGA Championship, but 2
- Logan Webb goes 7 strong innings and Thairo Estrada homers twice as Giants rout Rays 11
Latest articles
Timbers rally to beat San Jose 4
Pictured: First
U.S., Western allies should not preclude Malaysia from being friendly to China: Malaysian PM
100 dead, 211 missing after powerful quakes jolt Japan
Squad sizes for Copa America teams expanded from 23 players to 26
Westfield Bondi Junction incident live updates: Heartbreak as mother of nine
LINKS
- These outrageous and bizarre signs will leave you totally baffled
- Bob Dylan painting from his Woodstock years up for auction
- Ejections of Marmol and Descalso spark a comeback. Cards hoping it can lead to a longer turnaround
- Santana homers, Ober fans 10 as red
- Ruidiaz scores go
- Thousands protest in Georgia over the weekend against 'Russia
- Fry and Giménez homer, Allen with 6 scoreless innings, Guardians beat White Sox 7
- BAFTA Television Awards 2024: Ashley James puts on a VERY leggy display in a thigh
- 'Kingdom of the Planet of the Apes' reigns at the box office with $56.5 million opening
- U.S. student protests over Israel