Single-family home resales plummeted in January.

Due largely to the new tax laws taking effect, the rate of resales prorated to an annual figure dropped 32.9% to 437,970 units, compared with December’s spectacular, yet anticipated, 653,086-unit surge. Despite the decline, resales are still up 13.3% over January of last year, according to the California Association of Realtors. CAR President Jack Paulson explained: “Many buyers wanted to take advantage of the positive aspects of the former tax code, while others simply wanted to close their delayed escrows before the end of the year.