IE Business Daily Business news for the Inland Empire.
Despite the lowest mortgage rates in a year and a half, California’s housing market stayed flat in October.
Home prices also increased at their slowest rate since 2012 during that time, according to data released Tuesday by the California Association of Realtors.
Closed escrow sales of single-family detached homes totaled 396,220 units in October, unchanged from September but down 1.9 percent compared with October 2013, according to the data, which was released Tuesday.
The median price of a single-family home dropped 2.3 percent, from $461,370 in September to $450,620 in October. However, the median price was up 5.4 percent – from $427,540 – compared with October 2013, according to the data.
“While home sales were essentially unchanged statewide, there were pockets of strong sales growth, especially in coastal regions,” said Leslie Appleton-Young, the association’s vice president and chief economist, in a statement.
“If current price and rate conditions persist, overall home sales should improve for the rest of the year.”
