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Sales of both new and existing houses and condominiums dropped 11.8 percent year over year, as prices shot up to a record high, according to CoreLogic.
The median price paid for all Southern California homes sold in June was a record $536,250, according to CoreLogic, a 7.3 percent increase compared to June of 2017.
In the past, California, one of the largest housing markets in the nation, has been a predictor for the rest of the country.
LePage points to the rise in mortgage rates over the past six months, increasing significantly a borrower’s monthly payment. Rates haven’t moved much in the past month, but are suddenly going higher again this week, pointing to even further weakness in affordability.
In the Seattle city limits in June 2018, NWMLS saw 1,246 active listings, a 75.5 percent increase from the year before. Seattle ended last month with 1.2 months of inventory—a figure based on number of homes for sale and typical sales time—which is nearly double what the market had the previous year.
There were 2,629 closed sales in the second quarter — a nearly 17 percent drop from the same period last year, according to a new Douglas Elliman report. That is the lowest number of spring sales since 2009, when the market was stifled by the recession, said Jonathan J. Miller, the real estate appraiser who prepared the report.
He said the latest Census Bureau data, from July 2016 to July 2017, show "more people moved out of California to other states than moved in from other states. In other words, California lost people due to domestic migration."