Pending Sales Drop to Lowest Level Since 2015

The first numbers of the new year are out from Redfin, painting a dreary picture of pending sales. 

Pending U.S. home sales dropped 32 percent year-over-year to their lowest level since at least 2015 during the four weeks ending January 1. The homes that are selling are going for about the same price as a year earlier, with nationwide prices up just 0.5 percent year-over-year.

The typical U.S. home sold for $350,000 during the four weeks ending January 1. 

Here in California, prices fell 10.4 percent annually in San Francisco, 6 percent in Sacramento, 5.6 percent in San Jose, 5.4 percent in Los Angeles, 4.4 percent in Oakland. They fell 2 percent or less in Anaheim, Riverside, San Diego.