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Just what we expected – more homes for sale, and more priced wrong:

Only six months following the most competitive home buying season of all time, January data shows the U.S. housing market is off to a slower start in 2019. Although home prices are increasing, 15 percent of U.S. listings had price cuts in January, and declines in days on market have significantly decelerated since last year.

The U.S. housing market is off to a slower start this year in many markets, compared to the rapid acceleration we saw last January. Although the market is slowing, it’s important to remember that we’re coming off of four straight years of inventory declines that pushed the market to a record low availability of homes for sale. The real metric to keep an eye on is entry-level homes, which are the key to getting today’s market back in balance. These homes are still in short-supply.

https://www.realtor.com/research/january-2019-data/

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Keep an eye on the entry-level homes? Let’s look at all of them!

Active listings of detached-homes between La Jolla and Carlsbad:

Date, Year
0-$1M
$1M-$1.5M
$1.5M-$2.0M
Above $2.0M
Jan 29, 2018
38
108
120
384
Jan 28, 2019
68
169
116
421
% change
+79%
+56%
-3%
+10%

Our percentage of ‘entry-level’ inventory has grown the most, year-over-year, though with the cheapest home listed at $665,000, they aren’t exactly affordable to the masses.

Though we will have more homes sitting around not selling, buyers will forget them quickly and easily – as long as at least a few homes are selling that will give direction to all involved.

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