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The market is crashing in Southern California & slowing nationwide. “Sales of both new and existing houses and condominiums dropped 11.8 percent year over year, as prices shot up to a record high”, said CNBC, “it’s a warning sign for the nation”. The real estate market is deflating…fast! Don’t get caught off-guard like you were back in 2007: this time, be prepared! Schedule a Free 1-on-1 coaching call now!
In today’s show, we’re going to introduce you to insider techniques to maximize your leads, listings & sales in any market and any price range, and give you important tips to help you prosper in the changing market.
On July 24th, CNBC’s Realty Check ran “Southern California home sales crash, a warning sign to the nation“, which described what’s going on in the California market & why it signals change for the larger national real estate marketplace:
• 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.
Southern California home sales hit the brakes in June, falling to the lowest reading for the month in four years… The weakness was especially apparent in sales of newly built homes, which were 47 percent below the June average. Part of that is that builders are putting up fewer homes, so there is simply less to sell.
“A portion of last month’s year-over-year sales decline reflects one less business day for deals to be recorded compared with June 2017,” noted Andrew LePage, a CoreLogic analyst. “But affordability and inventory constraints are likely the main culprits in last month’s sales slowdown, which applied to all six of the region’s counties and across most of the major price categories.”
In the past, California, one of the largest housing markets in the nation, has been a predictor for the rest of the country. Home prices have been rising everywhere, amid a critical housing shortage. Prices usually lag sales by several months, and sales are beginning to crumble, even as more inventory comes on the market. The supply of homes for sale increased annually in June for the first time in three years, according to the National Association of Realtors, but sales fell for the third straight month.
Don’t be caught off-guard like you were back in 2007! Schedule a Free 1-on-1 coaching call with a trained, professional coach at Tim & Julie Harris® Real Estate Coaching, and learn how to sell in any market, and any price range.
Our coaching lets you make massive income in an up-market, and prepares you to thrive even in a market downturn. We’re the only coaching company with the care & integrity to tailor our coaching to current market conditions.
