Categorized | Residential

California Residential Home Sales Decline

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The residential real estate market in the state of California continues to demonstrate instability, as the overall volume of home sales declined slightly from August to September in the state of California. The sales numbers are still up from a year ago, though analysts fear that the decline experienced in the past month may continue into the fourth quarter.

The decrease in the number of residential real estate sales is being attributed to the overall economic and job market uncertainty that continues to plague both the state, and also the country. Many potential homebuyers in the region are choosing not to buy under the current market conditions, as they waiting to see if the overall economy demonstrates more consistency.

Residential real estate analysts in the state believe that the decline was to be expected following the changes in the FHA loan limits, and the overall decline in the stock market that happened this past month.

Single-family home sales dropped by nearly twelve thousand in comparison to the previous month. Despite the large decline in the month-over-month figures, overall sales are still more than four percent higher than they were a year ago. Prices, however, are down by more than eight percent from one year earlier.

While the overall sales numbers were far from impressive in the past month, many analysts believe that the state may soon experience an increase in the overall volume of residential real estate sales. Provided the economic outlook in the state and nation show signs of improvement, sales should again start to improve. They believe that sales numbers should at least be even with where they were last year.

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About Josh Johnson

Josh is the main writer for the Residential category. He also helps out on other categories when needed, mainly the International section.

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