Home Sales Update: July 2018

Home sales can be a good indicator of the health of the state’s economy and housing markets. Through July, there have been 218,000 non-distressed (not resulting from mortgage delinquency or foreclosure) home sales statewide in 2018. This is down slightly from 219,500 in the first seven months of 2017.

During past the 12 months, year-over-year growth in home sales has slowed. Sales growth generally has hovered around zero and has posted declines in some months. While somewhat notable, this mild slowdown is far from the type of drop that is normally seen before an economic downturn.

Date sources: Zillow, California Association of Realtors, and Moody’s Analytics, with LAO calculations.