California had its largest yearly increase in existing home sales since June 2021 in November, but overall, the housing market remained a work-in-progress. Despite a double-digit growth rate from their year-ago level, sales of existing single-family homes remained well below the pre-Covid norm of 400,000 units, the CALIFORNIA ASSOCIATION OF REALTORS® (C.A.R.) reports.
Closed escrow sales of existing, single-family detached homes in California totaled a seasonally adjusted annualized rate of 267,800 in November, according to information collected by C.A.R. from more than 90 local REALTOR® associations and MLSs statewide. The statewide annualized sales figure represents what would be the total number of homes sold during 2024 if sales maintained the November pace throughout the year. It is adjusted to account for seasonal factors that typically influence home sales.
November’s sales pace climbed 1.1 percent from the 264,870 homes sold in October and was up 19.5 percent from a year ago, when a revised 224,140 homes were sold on an annualized basis. The strong year-over-year gain observed last month was largely due to low-base effects, as home sales in November 2023 dropped to their lowest level since late 2007.
The statewide median price declined in November from the previous month but was up from the previous year. The November median price declined 4 percent from $888,740 in October to $852,880 in November but was up 3.8 percent 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.
The sizable monthly decline in price was due primarily to a change in the mix of sales, as home sales in the higher-price segments pulled back more sharply from the prior month than in the lower-price segments. Home sales in higher-priced market segments continued to have an effect on the overall price growth. While the impact on the statewide median price gain had moderated in recent months, a solid increase in high-end home sales in November was still a contributing factor for the rise in the California median sold price.
Portion of article, 12/17/24 by the CALIFORNIA ASSOCIATION OF REALTORS at: https://www.car.org/…/2024-News-Releases/nov2024sales