California Home Sales Hit 10-Year Low in Early 2019

Based on a new report by the California Association of Realtors, housing demand in California remained subdued for the ninth consecutive month in January 2019 as economic and market uncertainties sent home sales to their lowest level since April 2008.Closed escrow sales of existing, single-family detached homes in California totaled a seasonally adjusted annualized rate of 357,730 units in January, according to information collected by C.A.R. The statewide annualized sales figure represents what would be the total number of homes sold during 2019 if sales maintained the January pace throughout the year. It is adjusted to account for seasonal factors that typically influence home sales.