Existing, single-family detached home sales in California last month totaled a seasonally adjusted rate of 241,770 according to the California Association of Realtors, up 0.3 percent on a monthly basis from September and down 11.9 percent from a year ago. Sales of existing single-family homes in the state remained below the 250,000-unit pace for the second consecutive month.
The annual decline was the 28th straight drop, but the decline was the smallest in the last four months.
Home prices rose again annually for the fourth straight month, as the statewide median price recorded its largest year-over-year gain in 17 months. California’s statewide median price dipped 0.4 percent from September’s $843,340 to $840,360 in October and rose 5.3 percent from a revised $798,140 recorded a year ago.
“A sizable jump in interest rates kept home sales constrained in October and will likely hamper home sales for the remainder of the year,” said CAR President Jennifer Branchini. “Despite rates remaining elevated, many other factors have swung in favor of buyers recently including more properties staying on the market longer before selling and fewer homes selling over list price, which could motivate more sellers to offer concessions.”
At the regional level, all major regions except one dipped in October on a year-over-year basis, with one dropping more than 10 percent from a year ago. The Central Valley region experienced the biggest sales drop, down 11.3 percent from last year, followed by Southern California, the San Francisco Bay Area and the Far North. The Central Coast was the only region that posted a sales increase from last October, up 1.9 percent.