State home sales continue to decline

Sales of existing single-family homes in California totaled 223,940 in November, a 7.4 percent decline from October and a 5.8 percent drop year-over-year, according to data released in December.

Statewide, the median price of a single-family home in November was $822,200, down 2.2 percent from October but up 6.2 percent from November 2022, the California Association of Realtors reported.

Home sales during the first 11 months of 2023 were down nearly 26 percent.

All statewide sales take into account seasonal factors that affect the housing market. They are also annualized, meaning they represent what would be the total number of homes sold in 2023 if sales maintained the November pace for the entire year.

Sales of existing single-family homes in California were below 250,000 for the third straight month. November was the 29th straight month of a year-over-year drop, but it was the smallest decline in that category in the last 20 months, according to the association.

“While sales have been weak for the past several months, a tight supply of homes for sale is keeping home prices from falling,” said Jordan Levine, the Los Angeles-based association’s chief economist, in the statement. “Going into 2024, the recent decline in mortgage rates, along with the upward momentum in home prices, could motivate more would-be sellers to list their homes for sale.”

In the Inland Empire, single-family home sales in November were down 11.4 percent month-over-month and down 6.3 percent year-over-year, while the median home price – $567,500 – rose 1.1 percent from October and was up 5.1 percent from November 2022, the association reported.