California Realtors Confirm Sales Downturn, but Silver Lining is ‘Attached’September 17, 2013
Monthly sales figures from the California Association of Realtors® (C.A.R.) confirm indications from DataQuick data posted earlier today that the real estate market in American’s most populous state have slowed. C.A.R. data however shows continued growth in ‘Attached’ (condo and townhome) home sales with the slippage limited to single-family homes.
C.A.R. reports that sales of single-family detached homes in the state were at a seasonally adjusted annual rate of 434,700 units in August. This was a decline of 2 percent from a revised 443,500 pace in July and 1.9 percent below the 443,030 reported in August 2012. Sales of condos and townhouses in contrast were 8 percent above the rate of sales in August 2012 and are five percent higher for the year to date than they were at the same time last year. The decline in sales occurred across all price ranges but was slightly sharper at the upper ranges