IE Business Daily Business news for the Inland Empire.
California last month experienced its largest year-over-year increase in single-family home sales in more than three years, according to a report released Dec. 17.
Sales of existing single-family homes in November reached 267,800, up 1.1 percent from October and 19.5 percent from November 2023, the California Association of Realtors reported.
Those numbers, the best statewide sales figures since June, 2021, are annualized, meaning they show what would be the number of houses sold during 2024 if sales maintained their November pace throughout the year. They also take into account seasonal factors that influence the housing market.
Statewide, the median price of a single-family home in November was $852,880, a four percent decline from October but up 3.8 percent year-over-year.
The monthly price decline was blamed on a change in sales patterns: home sales in the higher-price segments pulled back from the market more sharply than lower-priced houses.
In the Inland Empire, the $600,000 median home price last month was essentially unchanged month-over-month but was up 5.7 from one year earlier. Sales in Riverside and San Bernardino counties were down 13.7 percent month-over-month but were up 5.2 percent year-over-year, the association reported.
