With borrowing costs remaining elevated, California existing-home sales registered the biggest monthly decline in the past year and dropped in November to the lowest level since 2007, reported the California Association of Realtors (C.A.R.). Closed escrow sales of existing, single-family detached homes statewide totaled a seasonally adjusted annualized rate of 223,940 in November, down 7.4% from the previous month.
“Elevated mortgage interest rates and a persistent shortage of homes for sale hindered home sales in November,” said 2024 C.A.R. president Melanie Barker. “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.”
November’s median home price declined from the previous month but rose from the year-ago level for the fifth consecutive month. California’s statewide median price decreased 2.2% from October’s $840,360 to $822,200 in November, up 6.2% from a revised $774,150 a year ago.
