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News & Press: Industry News

Homes Sales Steady While Refinance Activity Down

Tuesday, March 20, 2018  
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There were 28,300 closed escrows on California homes in January of this year, or about the same as in January 2016, according to California real estate news agency first tuesday Journal. The Journal reported that there were only 3,800 more home sales in all of 2017 compared to 2016, with the 461,900 homes sold in 2017 still 39% below the peak sale in 2005.

Title industry sources report that higher rates have caused a significant drop in refinance activity, while a combination of low inventory and high California prices are preventing any major uptick in residential title orders. Last year Governor Brown signed legislation intended to increase affordable housing, but it may take some time for the impact of new laws to translate into an increase in escrow and title activity.

California Land Title Association

1215 K Street #1816 Sacramento, CA 95814-3905
Email:  |  Phone: 916-444-2647  |   Fax: 916-444-2851