The region’s housing slump continued through January, with home sales down 43% and prices falling below year-ago levels for the first time in almost four years, CoreLogic figures show.
Show CaptionPrices also have been dropping on a monthly basis, falling for eight straight months, CoreLogic figures show.
“Southern California housing markets continue to be challenged by high mortgage rates and eroded affordability,” said CoreLogic Chief Economist Selma Hepp. “The challenge is further exacerbated by a standoff between buyers and sellers, with buyers expecting better deals and sellers still expecting to receive last year’s prices.”
Meanwhile, the real estate and finance industries have been hard hit, with layoffs, mergers and even bankruptcies affecting brokerages and lenders. Figures from the Mortgage Bankers Association’s purchase mortgage index show loan volume fell 41% in the year ending in January. “I know it was a lot different for everyone else,” Quanstrom said. “We had one agent in the office pick up a second job.”
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