Realtors Report MEGA DROP in Home Sales (Time to Panic. Especially in California.)

The National Association of Realtors just reported a 14% YoY Decline in Home Sales. The biggest Home Sale Crash in 10 Years.

Homebuyer Demand Crashed hard in California. Where metros like San Diego, Anaheim, and San Jose all experienced a 30%+ decline Home Sales YoY. Higher Interest/Mortgage Rates, to go along with a struggling Tech Sector, mean the California's Housing Market will continue to Crash into the future.

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The Underlying Source of the Metro Sales Data comes from Redfin. Check out their data archives at the following link: https://www.redfin.com/news/data-center/

As will metros "tangential" to California. Such as Reno, NV, Boise, ID, and Austin, TX. These markets had a lot of California Home Buyers come during the pandemic. But now there's not as many homebuyers, causing a big decline in Home Sales and Surge in Inventory.

NAR Article: https://www.nar.realtor/newsroom/existing-home-sales-slid-5-4-in-june

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