California home sales saw an increase in November 2024, but remain below pre-pandemic levels. While inventory grew, homes took longer to sell, and economists predict further price moderation in the coming months.
Sales of existing, single-family detached homes increased by 19.5% in November 2024 compared to November 2023, reaching an annual statewide pace of 267,800. Despite this uptick, California home sales remain below the pre-pandemic level of 400,000 per year due to affordability issues. The unsold inventory index rose by 13.8% year-over-year, providing more options for house hunters.
However, homes took longer to sell, with a median time on market of 26 days, an increase of five days from the previous year. Jordan Levine, the Realtors’ chief economist, anticipates further moderation in home prices in the coming months but expects growth in the first quarter of 2025. Levine also predicts that mortgage rates will moderate in 2025, leading to improved housing sentiment and more buyers entering the market
CALIFORNIA REAL ESTATE HOME SALES HOUSING MARKET AFFORDABILITY MORTGAGE RATES
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