California’s existing home sales in November recorded their greatest monthly decline in the past year and plummeted to the lowest level since the Great Recession, according to new data from the California Association of Realtors (CAR).
Closed escrow sales of existing, single-family detached homes in California totaled a seasonally adjusted annualized rate of 223,940 in November, down by 7.4% from 241,770 in October and down 5.8% from the revised figure of 237,730 homes in November 2022. Sales remained below the 250,000-unit pace for the third consecutive month while the annual decline was the 29th straight drop – albeit the smallest decline in the last 20 months.
California’s statewide median price dropped by 2.2% from October’s $840,360 to $822,200 in November. On a year-over-year basis, November’s price was 6.2% above the revised $774,150 recorded a year ago. The monthly price decline was the largest in 10 months and the year-over-year price gain was the largest in 18 months.
Nearly two-thirds (31) of the state’s 50 counties registered declines in active listings from last year, with 23 of them dropping more than 10% on a year-over-year basis.
“Elevated mortgage interest rates and a persistent shortage of homes for sale hindered home sales in November,” said 2024 CAR President Melanie Barker, a Yosemite realtor. “With mortgage rates dropping to the lowest level in four months in recent weeks and the Federal Reserve indicating it plans to cut rates more than previously anticipated in 2024, more prospective homebuyers could reenter the market early next year.”
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