IE Business Daily Business news for the Inland Empire.
California’s housing market bounced back in September, ending five consecutive months of year-over-year sales declines.
Sales of existing single-family homes totaled 277,410 in October, up five percent month-over-month and 6.6 percent year-over-year, according to the California Association of Realtors.
The statewide figures are annualized, which meant they represent what would be the total number of homes sold this year if they maintained their September pace throughout the year. They also take into account seasonal factors that usually influence housing sales.
The statewide median home price in September was $883,640, down 1.7 percent from August but up 1.8 percent from September 2024. Sales during the first nine months of 2024 were up 0.4 percent compared with the same nine-month period last year.
“The housing market showed modest improvement in September, with both sales and prices up from a year ago,” said Jordan Levine, the association’s chief economist, in a statement.
“But broader economic uncertainties, like the government shutdown and renewed U.S.-China trade tensions, will likely keep the recovery gradual.”
In the Inland Empire sales were down 1.1 percent month-over-month but rose 6.5 percent year-over-year, while the median home price – $591,010 – was a decline of 1.5 percent month-over-month and 1.9 percent year-over-year, the association reported.
