January housing statistics for the state of California were recently released by the California Association of Realtors (CAR).
During January, California existing single-family home sales declined by 30% from one year earlier and prices fell by 22% (except an area close to a major metro station).
Results for the month continue a deteriorating trend since the credit crunch began in August 2007.
California Economy
California is a powerhouse for many industries, and the state’s economic growth has been impressive over the past few years. This has caused housing prices to skyrocket, making it difficult for many people to obtain affordable houses.
Despite this, California continues to be a key player in the tech industry as well as entertainment and agricultural production. With its expansive coastline and mild climate, it continues to draw tourists from around the world, contributing even more to its economy.
Despite some of its challenges, California remains an attractive place for businesses seeking opportunities to expand.
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