The California housing market continues to slow with news that November saw home sales register the lowest annualized pace since October 2007 and the largest year-over-year sales drop in at least the past four decades.
Locally, the California Association of Realtors reports that the Bay Area saw sales decline 13.4 percent in November, compared to the month prior. Annually, sales were down 43 percent in the Bay Area.
Solano County’s existing-home sales fell 23.3 percent month-over-month, while the median sold price in the county dropped just 0.9 percent to $560,000.Neighboing Santa Clara saw prices fall 1.5 percent, while sales dropped 19.9 percent.
In San Francisco proper, the median sold price hit $1.5 million—down 11.4 percent from October 2022. Sales were down 3.7 percent.
Napa was the one bright spot, where sales and the median price rose in November. Existing-home sales were up 26.4 percent, while the median price was up 7.7 percent to $1,050,000.
In the Central Valley, Sacramento County’s monthly sales slowed some 12.9 percent, while the median sold price dripped 0.5 percent to $510,000.
The Far North region, which includes Shasta, Plumas and Butte Counties, experienced the smallest annual sales decline at 37.7 percent last month.