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News Link • Housing

Southern California Home Sales Plunge 12% In November As Prices Peak

• https://www.zerohedge.com by Tyler Durdan

The 12% decline in November sales from a year earlier was the fourth consecutive monthly drop for the eight southern counties, including Imperial, Los Angeles, Orange, Riverside, San Bernardino, San Diego, Santa Barbara, and Ventura.

The decline in sales for 2018 is still less pronounced than in 2014. Across the eight counties, the median price is still rising -- 3.5% from November 2017, to $522,750, but the trend is starting to plateau.

Some housing markets experts are not convinced that a housing bust is materializing. "The housing market is slowing, but…a slowdown does not mean the sky is falling," said Aaron Terrazas, an economist with Zillow.

LA Times noted if volatility in the stock market and Washington significantly affects consumer confidence and business investment decisions in 2019, the housing market could be due for significant correction into 2020. However, for now, Terrazas and other economists believe the factors that have led to past housing market crashes in Southern California are not visible.

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