WRE News November 23, 2023
Buyer
Closed escrow sales of existing, single-family detached homes in California totaled a seasonally adjusted annualized rate of 241,770 in October, according to new data from the California Association of Realtors (CAR). This is up by a mild 0.3% from the 240,940 transactions in September but down 11.9% from the revised 274,410 sales recorded one year ago.
October marked the second straight month when California’s single-family home sales were below the 250,000 mark, as well as the 28th consecutive annual decline.
“A sizable jump in interest rates kept home sales constrained in October and will likely hamper home sales for the remainder of the year,” said CAR President Jennifer Branchini, a Bay Area realtor. “Despite rates remaining elevated, many other factors have swung in favor of buyers recently including more properties staying on the market longer before selling and fewer homes selling over list price, which could motivate more sellers to offer concessions.”
CAR also reported that October saw the fourth consecutive month of year-over-year home price increases, resulting in the largest annual gain in 17 months. The October median price of $840,360 was down 0.4% from September’s $843,340, but it was also up by 5.3% from a revised $798,140 recorded a year ago. At least half of the homes sold above their asking price in five California counties, with four of those five counties being in the Bay Area region.
Nearly two-thirds of the state’s 31 counties registered declines in active listings from last year, with 27 of them dropping more than 10% on a year-over-year basis. New active listings at the state level dropped from a year ago for the 16th consecutive month.
Stay up to date on the latest real estate trends.
January 3, 2025
January 1, 2025
December 31, 2024
Year-end fitness trend reports are in, and one workout is a clear winner: Pilates.
December 30, 2024
More homeowners are realizing they need an agent’s help in this complex market – and that’s why a record-low number of people are selling without a pro by their side.
December 30, 2024
Northern California’s Wine Country offers much more than just world-class wines—it’s a robust blend of natural beauty, rural charm, and a relaxed lifestyle that draws … Read more
December 30, 2024
Fans of “The Real Housewives of Salt Lake City” have been captivated by the show’s stunning mansions, with breathtaking views of snow-capped mountains peeking through … Read more
We Guide Homeowners through the complicated process of selling their home using our 4 Phase Selling Process and 3 Prong Marketing Strategy that alleviates their stress and moves them effortlessly to their next destination. Schedule a 15 Minute Complimentary Strategy Session Today