a fourth look at local housing markets in December; California home sales fell 44% year over year in December; Prices are down 2.8% year over year

by calculated risks 1/18/2023 03:59:00 PM

Today, in Calculated Real Estate Newsletter: A Fourth Look at Local Housing Markets in December

Brief excerpt:

This is the fourth look at domestic markets in December. I track about 40 local housing markets in the United States. Some of the 40 markets are states, and some are metropolitan areas. I will update these tables throughout the month as additional data is released.

Here’s the press release from the California Association of Realtors (CAR): Interest rate delay supports December home sales, CAR reports

• Existing single-family home sales totaled 240,330 in December at a seasonally adjusted annual rate, up 1.1 percent from November and up 44.1% from December 2021.

• The median home price statewide in December was $774,580, down 0.4% from November and Down 2.8% from December 2021.

In December, sales decreased by 37.8%. In November, those same markets fell 38.1% year-over-year non-seasonally adjusted (NSA).

This is a similar decline year-on-year as it was in November for these markets. If national sales decline by the same percentage as last month, NAR will report sales for December of less than 4.0 million SAR — down from 4.01 million in May 2020 (a pandemic decline) and the lowest sales rate since 2010.

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