February 13, 2014 |
This year's streak of nasty weather is wreaking havoc on the economy, causing plunging worker productivity, soaring heating bills, canceled flights, damaged crops and frozen hiring. But the bitter conditions, which last month left thousands stranded in Atlanta and this week is pounding the eastern part of the country with snow, have dealt a particularly severe blow to retailers. The tempests couldn't have come at a worse time. In January, as businesses struggled through a weak post-holiday period in a month that already tends to be slow, industry sales slid by their largest margin in 18 months.
February 12, 2014 |
Southern California home buyers continue to turn their backs on an expensive market with few houses for sale. Home prices fell 3.8% in January compared with December, though the median price remained up sharply compared with January of last year, research firm DataQuick reported Wednesday. The price decline, coupled with falling sales, revealed a market that has lost momentum after an explosive price run-up in the first half of 2013. "Buyers are not overpaying," said Broker Derek Oie, owner of Century 21 the Oie Group in the Inland Empire.
January 16, 2014 |
California home sales plunged to a six-year low in December, while home prices rose, indicating a meager supply of homes on the market. Buyers across the Golden State purchased an estimated 34,949 new and resale houses and condos last month, 12.1% fewer than a year earlier and the lowest level for a December since 2007, research firm DataQuick said Wednesday. Prices, meanwhile, rose 1.4% from November to $365,000 last month. The state's median - the point at which half the homes sold for more and half for less - was 22.1% higher than in December 2012.
December 17, 2013 |
Southern California home sales plunged in November as prices stayed flat, continuing a cooling trend that started this summer. But experts expect a jolt in prices soon. Home prices "will start rising again in the spring, because that's when demand heats up," said Christopher Thornberg, founding partner at Beacon Economics. The regional median home price, $385,000 in November, has stayed essentially the same since June after a rapid run-up in prices in the first half of this year, according to San Diego research firm DataQuick.
November 20, 2013 |
Existing home sales fell nationwide in October, a decline a trade group attributed to tight inventory and declining affordability. Sales of previously owned single-family houses, town homes, condominiums and co-ops fell 3.2% from September to a seasonally adjusted annual rate of 5.12 million, the National Assn. of Realtors said Wednesday. It was the second-consecutive month of declines. “The erosion in buying power is dampening home sales,” Lawrence Yun , the association's chief economist said in a statement.
November 13, 2013 |
Bay Area home prices rose last month in the increasingly expensive region, while sales fell from a year earlier. The median sales price in the nine-county San Francisco Bay Area increased 1.8% from September to reach $539,750 in October, research firm DataQuick said Wednesday. Home prices are now 29.7% higher than last year. Buyers scooped up 7,595 existing and newly built houses and condos last month, 3.9% fewer than last year. Sales jumped 6.4% from September. Quiz: Test your knowledge of California's economy Distressed sales continued to decline last month.