Bad news for the California housing market, which last month posted the largest annual sales decline since March 2014. Home sales during September fell below 400,000 units for the second consecutive month.
The California Association of Realtors says the numbers indicate the market is slowing and potential homebuyers are putting their plans on hold.
Home sales fell 4.3 percent in September compared to August and were now 12.4 percent from September 2017.
The statewide median home price dropped to $578,850, down 2.9 percent from $596,410 in August, but up 4.2 percent from a revised $555,400 in September 2017.
Realtor Association officials point to high home prices, rising interest rates, and the new tax reform law as reasons for the slowdown.
