Current location:Culture Chronicles news portal > politics
U.S. California sees lowest home sales in 16 years
Culture Chronicles news portal2024-05-07 21:21:23【politics】6People 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.
Address of this article:http://kyrgyzstan.whetstonetavern.com/news-90e199829.html
Very good!(2693)
Related articles
- Xi Focus: Xi Chairs Milestone Summit, Hails New Era of China
- For a Shared Dream Exhibition Opens in Beijing
- ACWF Holds Gathering to Celebrate CPC Centenary
- Shen Yueyue Calls for Thorough Implementation of the Law on Family Education Promotion
- Peng Liyuan, African First Ladies Launch Health Campaign for Orphans in Africa
- ACWF Celebrates China
- Women's Symposium Commemorates 30th Anniversary of China
- Huang Addresses Second Women Power Forum, Inaugural Ceremony of HKFW's Board (2021
- Xi Focus: Xi Charts Course for China
- Huang Addresses via Video 13th Straits Forum, Women's Forum Held in Fuzhou, Taichung
Popular articles
Recommended
People enjoy leisure time during National Day holiday across China
Shen Yueyue Calls for Women's Contributions to a Successful Beijing 2022
People Visit Lantern Show in Xinjiang
Chinese State Councilor Meets Thai Princess Sirindhorn
Nature themed 3D pavement paintings displayed in Chongqing
Shen Yueyue Stresses Fostering Virtue Through Education, Making More Contributions to Nurturing All
ACWF Honors Role Model Families and Outstanding Groups, Individuals in Family Work
Shen Yueyue Stresses Converging the Strength of Women and Families to Forge Ahead on a New Journey
Links
- National trying to wriggle out of promises with talk of 'fragile' economy
- Pictured: Twelve jaw
- Your guide to a year in Greece: Time your trip to get the best of the country's historic sites
- Coronavirus China: Wuhan lab staff 'had virus symptoms before first confirmed cases'
- Eye watering amount of money for south Auckland roading project, cyclists say
- Armed police close Auckland street after reported kidnapping, woman injured
- HKFP Lens: Artist displays 'overlapping memories' of Hong Kong and UK on film
- Pioneer women surfers reflect on their struggle for recognition
- How hard is it to land an airliner in a crosswind
- China tells Biden to reverse 'dangerous practice' on Taiwan world politics