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Calif. state officials label California home sales as “weak”

Posted by Mehran Aram on Sun, Jul 28, 2019 @ 08:07 AM

In a report issued last week by the California Legislative Analyst’s Office, home sales in the Golden State were called “weak”, a volte-face to what is normally considered to be one of the hottest housing markets in the U.S.

The state office cited new data that shows statewide home sales were notably lower than historic norms in June.

“Home sales were on a clear downward trend during the second half of 2018 and the beginning of 2019,” the report read. “Sales remain relatively weak.” The report notes however that Californian’s shouldn’t fear an economic downturn or a bust in the housing market. Rather, the latest data is being considered by some economists as merely the ebb and flow of the industry.

Today, conforming no-point 30-year fixed mortgage rates are averaging 4.00 percent and 15-year rates are near 3.375 percent.

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Topics: Mortgage rates, California Home Sales, Golden State