Existing single-family home sales in California totaled 253,010 in September on a seasonally adjusted annualized rate, down 3.4% from 262,050 in August. According to the California Association of Realtors (CAR), this marked the lowest level of sales in nine months.
On a year-over-year measurement, sales were up 5.1% from 240,840 in September 2023.
September’s statewide median home price in California, was $868,150, down 2.3% from August and up 2.9% from $843,500 in September 2023. The year-over-year gain was the 15th straight month of annual price increases.
“The inventory of homes for sale has steadily improved in recent months as the market moves into the typical off-peak homebuying season,” said CAR President Melanie Barker, a Yosemite realtor. “With home prices likely to moderate further in the coming months, the fourth quarter could offer an opportunity for potential buyers who have been waiting to re-enter the market, especially as interest rates gradually return to historical averages.”
“Economic uncertainty and hopes for lower interest rates may have caused many buyers to hold off on a home purchase,” added CAR Senior Vice President and Chief Economist Jordan Levine. “As a result, home sales declined for the second consecutive month, reaching their lowest level this year. However, the recent rebound in bond yields is a reminder that rates will continue to fluctuate, and waiting may not be the best strategy when it comes to homebuying.”
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