California’s housing market recorded its largest annual increase in existing home sales since June 2021 this November

Source: Times of San Diego
California’s housing market recorded its largest annual increase in existing home sales since June 2021 this November, reported the CALIFORNIA ASSOCIATION OF REALTORS® on Tuesday. However, the market continues to recover slowly, with overall sales still far below pre-COVID levels. The sales of existing single-family homes climbed 1.1 percent from October’s 264,870 homes to 267,770 homes in November. Compared to November 2022, sales surged 19.5 percent from a revised 224,140 homes. C.A.R. noted, though, that this significant year-over-year growth was due to the “low-base effect,” as November 2022 sales dropped to their lowest point since late 2007. 

The statewide median home price declined 4 percent month-over-month, from $888,740 in October to $852,880 in November. Despite this drop, the median price rose 3.8 percent year-over-year from November 2022’s revised $821,710. November’s price drop marked the largest October-to-November decline since 2008, following a significant price increase in the prior month. C.A.R. attributed the drop primarily to a shift in the sales mix, with higher-priced home sales pulling back more sharply than lower-priced sales.  Read the full report