California Home Prices Decline in 8 Counties
Why do we care about California Home prices in Texas? A large number of Austin area buyers, especially investors, are from California. Many of these buyers have either cashed out of homes in California and moved to Austin, or they have used equity in California real estate to finance investments in Austin.
This is not to say Austin relies on California buyers to keep our real estate market moving, but there is no doubt that California buyers/investors have affected our market and contributed to the upward swing in prices, especially over the past year. As California slows down, and people start feeling nervous about real estate, that should stem the flow of California Buyers and Investors at least somewhat.
Story is below
Eight counties in California experienced year-over-year home price declines in September, according to DataQuick Information Systems.
Six of the eight counties are in the San Francisco Bay area. Prices in Sonoma County fell the most, at 7.7 percent.
Other declines were seen in Contra Costa County, 5.5 percent; San Diego County, 4.4 percent; Ventura County, 3.3 percent; Solano County, 2.3 percent; Napa County, 1.9 percent; San Mateo County, 0.9 percent; and Alameda County, 0.7 percent.
Home sales were also down statewide on an annual basis in September, according to DataQuick.
In all, 42,450 homes were sold — a 28.8 percent drop from the same month the previous year and a 14.8 percent decline from August.
The sales were the slowest for the month of September since 2001, when 41,880 homes were sold, according to DataQuick.
Source: Associated Press