February 13, 2014 |
The winter economic blues continue. Retail sales unexpectedly fell 0.4% in January from December, the government said Thursday. That was the biggest drop in 18 months and the latest in a series of blah reports on the economy. Sales were “weaker than already low expectations” for flat results, the softness “punctuated by hefty downward revisions to December,” according to Credit Suisse. The bank's analysts said in a note to clients that “at first blush these data appear to be impacted by the frigid weather across the country” and that “February does not offer much hope for relief.” Volatile temperatures may prevent the industry from getting “a clean read on retail demand for quite some time,” according to Credit Suisse.
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.