IE Business Daily Business news for the Inland Empire.
Sales of existing single-family homes totaled 429,860 in December, down 5.4 percent from November and down 15.7 percent from December 2020 the California Association of Realtors reported today.
Statewide, median home price, was $796,570, up 1.8 percent from November and up 11 percent from December 2020, according to the the Los Angeles-based trade association’s monthly assessment of the California housing market.
All of those numbers are annualized, meaning they represent what would be the total number of homes sold during 2021 if sales maintained their December pace throughout the year. They are adjusted to account for seasonal factors that influence home sales.
In 2021, California home sales were up 7.9 percent compared with 2020.
Demand for housing remains high in California, so the market should continue to perform well in 2022, said Jordan Levine, the association’s chief economist.
However, the pandemic, inflation and not enough houses being might cause the Federal Reserve to raise interest rates sooner than expected, which will make it more difficult for prospective buyers to borrow money, Levine added.
