California’s housing market remained relatively healthy in October, as sales and prices recorded year-over-year double-digit increases thanks to low mortgage rates.
Sales of existing single-family homes totaled 484,510 last month, a 1.9 percent increase compared with October 2019, according to the Los Angeles-based California Association of Realtors.
Statewide, the median price of a home last month was $711,300, up 17.5 percent from one year earlier.
October was the fourth consecutive month that sales topped 400,000. Home prices were essentially flat between September and October but were up year-over-year for the third consecutive month.
In the Inland Empire, the median price of a home last month was $445,000, unchanged from September but up 17.1 percent from October 2019. Sales in the two-county region were up 17.5 percent during that time.
“An extremely favorable lending environment and a renewed attitude towards homeownership is prolonging the home buying season and extending the market’s V-shaped recovery to the off season,” said Leslie Appleton-Young, the association’s senior vice president and chief economist, in a statement.
“The question that remains to be answered is whether the strong market is sustainable in the longer term as market fundamentals continue to be tested by tight supply, eroding housing affordability, and the rising number of Coronavirus cases.”