State homes sales continue to top expectations
Sales of detached single-family homes in California reached 489,590 units in September, a 21.2 percent year-over-year, according to the California Association of Realtors.
Statewide, the median price of a single-family home last month was $712,430, up 17.6 percent compared with September 2019, the Los Angeles-based association reported in its monthly assessment of the state housing market.
That was the third consecutive month that home sales topped 400,000, the highest sales level since February 2009.
The median price has topped $700,000 for the second consecutive month.
In the Inland Empire, the median price of a single-family home last month was $445,000, up from $385,000 year-over-year, an increase of 15.6 percent.
“With the statewide home price hitting new highs for the past four months, it’s sounding like a broken record as California home sales and prices continue to outperform expectations,” said Leslie Appleton-Young, the association’s senior vice president and chief economist, in a statement. “However … the market’s short-term gain can also be its weakness in the longer term as the imbalance of supply and demand could lead to more housing shortages and deeper affordability issues.”