California’s September sales posted the largest monthly increase in more than a year, according to new data out from the California Association of Realtors.
Per CAR’s new September report, existing, single-family home sales totaled 438,190 in September, up 5.6 percent from August and down 10.5 percent from September 2020. The month-to-month increase was the largest since August 2020.
The statewide median home price was down 2.3 percent month-over-month to $808,890; though still up 13.5 percent compared to September 2020.
“With the economic recovery remaining on course but progressing at a pace slower than anticipated, rates are expected to rise modestly in the next few months but will remain low,” said CAR Vice President and Chief Economist Jordan Levine. “While statewide home sales are expected to dip slightly next year according to our latest forecast, housing demand will remain solid and post the second highest level of sales in the past five years. The market will stay competitive in 2022 as the normalization continues, and home prices will remain elevated.”
Median prices in all of the major regions continued to grow on a year-over-year basis, with three of them increasing by double-digits in September. The San Francisco/Bay Area had the largest jump at 21.7 percent, followed by the Central Valley at 15.4 percent and Southern California at 15 percent.
CAR also reports that the state’s housing supply leveled off in September, with 24 counties dropping by 10 percent or more year-over-year. Marin had the largest decline in supply from a year ago, falling 52.8 percent from September 2020. Orange County saw a 46.3 percent decrease, followed by San Luis Obispo at 42.6 percent, San Mateo at 40.5 percent, and Mono at 32.9 percent.
Stay tuned for more on the SoCal regional breakdown.