IE Business Daily Business news for the Inland Empire.
California’s housing market reversed a four-month sales decline, according to data released Monday.
Sales of existing, single-family homes totaled 438,190 in September up 5.6 percent from August and down 10.5 percent from September 2020, the California Association of Realtors reported.
Statewide, September’s median home price was $808,890, a 2.3 percent decline from August but an increase of 13.5 percent year-over-year.
“As we move into the off-homebuying season, we should see market competition easing and home prices moderating, giving those who waited out the highly competitive market earlier this year an opportunity to revisit buying,” said association President Dave Walsh in a statement. “Interest rates are expected to remain low, and the availability of homes for sale should improve, which should boost homebuying interest and spur sales.”
The statewide sales figure is annualized, meaning it shows what would be the number of homes sold in 2021 if sales maintained their September pace throughout the year. It is adjusted to allow for seasonal factors.
In Riverside County, the median price of a single-family home last month was up 18 percent compared with September 2020, while sales dropped nearly 15 percent.
San Bernardino County’s median home price in September was $437,000, virtually unchanged year-over-year, while sales declined 9.5 percent, the association reported.
