|Image Attribution: www.homesphere.com|
I read with great interest this week a column by Jeff Collins entitled Home Seller’s Market Cooling wherein he reports the year over year home sales in December of 2018 declined 20.3%! This is a staggering figure and confirms “the bloom is off the rose” officially in the housing market. Economic uncertainty, a spike in interest rates, and a glut of homes for sale are the culprits – a decline in the median home price in SoCal is the hangover that will follow. Will the carnage be similar to 2008-2009? I doubt it – but we will have to stay tuned.