Closed escrow sales of existing, single-family detached homes in California totaled a seasonally adjusted annualized rate of 241,770 in October, according to new data from the California Association of Realtors (CAR). This is up by a mild 0.3% from the 240,940 transactions in September but down 11.9% from the revised 274,410 sales recorded one year ago.
October marked the second straight month when California’s single-family home sales were below the 250,000-mark, as well as 28th consecutive annual decline.
“A sizable jump in interest rates kept home sales constrained in October and will likely hamper home sales for the remainder of the year,” said CAR President Jennifer Branchini, a Bay Area realtor. “Despite rates remaining elevated, many other factors have swung in favor of buyers recently including more properties staying on the market longer before selling and fewer homes selling over list price, which could motivate more sellers to offer concessions.”
CAR also reported that October saw the fourth consecutive month of year-over-year home price increases, resulting in largest annual gain in 17 months. The October median price of $840,360 was down 0.4% from September’s $843,340, but it was also up by 5.3% from a revised $798,140 recorded a year ago. At least half of the homes sold above their asking price in five California counties, with four of those five counties were in the Bay Area region.
Nearly two-thirds of the state’s 31 counties registered declines in active listings from last year, with 27 of them dropping more than 10% on a year-over-year basis. New active listings at the state level dropped from a year ago for the 16th consecutive month.