State housing market is solid in October

Sales of existing single-family homes in California reached 264,870 units in October, a 4.7 percent increase from September and up 9.5 percent year-over-year, according to a report.

Statewide, the median price of a single-family home was $888,740, up 2.4 percent from September and up 5.8 percent from $839,990 in October 2023, the California Association of Realtors reported Nov. 19.

That was the largest month-over-month price gain in 45 years.

During the first 10 months of the year, sales were up 1.7 percent compared with the first 10 months of 2023.

“Many of the homes that went pending in August and September finally closed,” said Heather Cruz, association president, in a statement. “While market conditions are improving at a slower-than-expected pace, October’s bounce back in home sales suggests that there’s still interest from motivated buyers.”

The association’s sales figure are annualized, meaning they show what would be the number of homes sold during 2024 if sales maintained their October pace the entire year. Those numbers take into account seasonal factors that influence home sales.

In the Inland Empire, October sales were up 7.1 percent month-over-month and 8.1 percent year. The median home price – $599,000 – rose 3.3 percent month-over-month and 6.7 percent from one year earlier, the association reported.