California Home Sales Close 2018 on Downward Trend

According to the California Association of Realtors, California home sales declined for the eighth straight month in December 2018, and a stagnating market for much of the year pushed sales lower in 2018 for the first time in four years. Closed escrow sales of existing, single-family detached homes in California totaled a seasonally adjusted annualized rate of 372,260 units in December 2018, says C.A.R. The statewide annualized sales figure represents what would be the total number of homes sold during 2018 if sales maintained the December pace throughout the year. It is adjusted to account for seasonal factors that typically influence home sales.