IE Business Daily Business news for the Inland Empire.
Sales of existing single-family homes in California increased in November, reaching their highest number since September 2022.
Sales totaled 287,940 last month were up 1.9 percent from October and up 2.6 percent from November 2024, according to the California Association of Realtors.
Those numbers were annualized, meaning they represent the number of homes that would be sold in 2025 if the November sales pace was maintained throughout the year. They also take into account seasonal factors that usually influence the housing market.
Statewide, the median home price was $852,680, down 3.9 percent from October and essentially unchanged from one year earlier. Sales were up nearly one percent during the first 11 months of this year.
“California home sales reaching their highest level in more than three years is an encouraging sign that the housing market is continuing its recovery,” said Tamara Suminski, association president in a statement, “While the sales growth remains gradual, the upward trend suggests that the market is slowly gaining momentum.”
In the Inland Empire, sales were down 19 percent month-over-month but essentially unchanged from the previous year, while the median home price – $599,520 – was down 2.4 percent from October and down 2.5 percent from year-over-year, according to the association.
