California home sales during November marked the largest yearly increase in existing home sales since June 2021, although the level was still below the pre-Covid levels.
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 267,800 in November, up 1.1% from the 264,870 homes sold in October and up 19.5% from the revised 224,140 transaction results of November 2023. However, CAR also pointed out that home sales in November 2023 dropped to their lowest level since late 2007.
The statewide median price of $852,880 was down 4% from the $888,740 price in October but was up 3.8% from a revised $$821,710 in November 2023. On a month-to-month basis, the November median price had the largest October-to-November drop since 2008 after recording the biggest September-to-October increase in the prior month.
“Mortgage rates continue to remain elevated, leading to challenges for many buyers. However, home prices are growing at a moderate pace and housing supply is increasing, indicating some hope that the market will continue to improve next year,” said 2025 CAR President Heather Ozur, a Palm Springs realtor.
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