California homes sales drop
Seasonal trends push transactions downward
California single-family home and condominium sales fell 16.8% in September from August, but remained fairly unchanged from a year ago, PropertyRadar said in its latest report.
However, the company noted that September’s double-digit drop in sales is not unusual for this time of year because sales volume typically declines in the fall and winter.
“For the second month in a row, September sales and prices pulled back,” said Madeline Schnapp, Director of Economic Research for PropertyRadar. “The 100+ basis point increase in borrowing costs since mid-June has definitely impacted market activity, reducing demand and pushing down prices.”