IE Business Daily Business news for the Inland Empire.
Sales of existing single-family homes in California totaled 240,940 in September, down 5.4 percent in August and 21.5 percent from one year earlier, according to data released today.
The median price of a single-family home last month was $843,340, down 1.2 percent from August but up 3.2 percent year-over-year, the California Association of Realtors reported.
Sales were down 28.5 percent statewide during the first nine months of this year compared with the first nine months of 2022.
The statewide sales figures are annualized, meaning they represent what would be the total number of homes sold during 2023 if sales maintained the September pace for the entire year. They also take into account seasonal factors that affect home sales.
Higher interest rates are being blamed for the sluggish market.
“As mortgage rates surge to highs not seen in more than two decades, home sales are being tested and are likely to remain tepid for the next few months,” said Jordan Levine, the association’s chief economist, in a statement. “With the Federal Reserve planning on holding rates higher for longer, the cost of borrowing will remain elevated and may not come down much in the near term.”
In the Inland Empire, the median home price – $550,000 – was down 3.5 percent month-over-month and 2.2 percent year-over-year, while sales were down 12.8 percent and 24.8 percent, respectively, the association reported.
