Rising mortgage rates likely contributed to the housing chill, yet pricing remained relatively firm due to a limited number of homes to buy.
Here are 14 trends that help explain January’s cooling. Was it a seasonal shift or the start of a deeper freeze?
Let’s start by dissecting the six-county area’s monthly sales pace dip. DQNews stats show 16,461 new and existing homes and condos sold, down 28% in a month and 8% in a year …A new year’s dip comes as no surprise. Since 1988, every year has started with slower homebuying — an average 27% decrease from December.It was still the 14th-busiest January of the 35 since 1988. Sales were 10% above the 10-year average buying pace for January.
The fall from December’s record high of $695,000 should be no surprise. Since 1988, prices have never risen from December to January, instead, averaging a 2.7% drop. On a yearly basis, the median price was up for the 115th time out of the last 118 months — that’s nearly 10 years.January marked the 18th consecutive month of double-digit, year-over-year price gains — the longest streak since a 22-month run ending in June 2014. The year’s 15.
L.A.-O.O., 41% fewer official listings, the ninth-biggest drop of 50 largest metropolitan areas; San Diego, down 39%; 11th biggest drop; Inland Empire, down 12%, seventh-smallest drop.L.A.-O.C., 19% fewer days, 14th biggest drop; San Diego, 8%, 18th smallest drop; and Inland Empire, 6% fewer days, 12th smallest drop.
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