California Housing Market Pukes: As Gross sales Collapse (San Diego County -41%), Costs Start to Swoon
The company media calls this a “shift” within the housing market. Flawed – that is what the early stage of a bursting housing bubble seems like.
San Francisco & Silicon Valley lead. Southern California is catching up. In Los Angeles County, costs fell in July from June for the primary since Adam and Eve.
It’s peak home-buying season in California, however sky-high residence costs, holy-moly mortgage charges, the collapse of cryptos, the vanishing DeFi, and the implosion of tech startups, SPACs, and IPOs, all of that are essential to the wealth, or perceived wealth, of many Californians, pulled the rug out from below California’s splendid housing markets.
Gross sales quantity of single-family homes (SFH) in California plunged by 14% in July from June, seasonally adjusted, and by 31% from a 12 months in the past, the thirteenth month in a row of year-over-year declines, in keeping with the California Affiliation of Realtors.