The
California Association of Realtors recently released their report on California
existing home sales and median prices in October. The statewide median price
fell by 1.3% compared with September to $475,990, but was up over the year by
5.7%.
The
number of single-family homes in California that closed escrow in October
increased by 1.3% over the year to 403,510 units (seasonally adjusted
annualized rate). Compared with September, sales were down by 5.1%. The
year-to-year gain was the lowest since January 2015 and was well below the
six-month average increase of 9.7% recorded between April and September of this
year.
California
home sales are on track to close the year with a mid-single digit increase over
last year. Employment growth and low interest rates should keep demand growing
at a modest pace through the remaining months of 2015, but housing
affordability is a big issue in many parts of California and is negatively
impacting sales in some regions. The Bay Area in particular continues to see
sharp increases in median price due to a shortage of homes for sale. As a
result, homeownership is increasingly out of reach for more and more people.
Below is a year-over-year summary of sales and
price activity in Southern California by county. Although the statewide sales
figures are seasonally adjusted, regional and county figures are not.
§
Los Angeles County: unit sales declined by 1.4% over the year in October,
while the median price rose by 6.7% to $509,570.
§
Orange County:
sales edged higher by 1.9% and the median price increased by 1.7% to $704,370
§
Riverside County: sales of existing homes rose by 4.5% and the
median price moved higher by 4.0% to $334,660.
§
San Bernardino County: sales dipped by 0.7% in October but the
median price was up by 11.2% to $231,330.
§
Ventura County: sales increased by 11.6% over the year while
the median price rose by 3.6% to $604,610.
Source: http://www.car.org/newsstand/newsreleases/2015releases/october2015sales?view=Standard
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