California's existing single-family home sales saw a significant increase in November 2023, but prices remain high and the market is still recovering from the pandemic.
Sales of existing, single-family detached homes in California reached an annual pace of 267,800 in November 2023, a 19.5% increase from November 2022. Despite this growth, sales remain below the pre-pandemic pace of 400,000 homes per year. Buyers have more options with a 13.8% year-over-year increase in unsold inventory. However, homes are taking longer to sell, with a median time on market of 26 days in November, up five days from the previous year.
Experts predict home prices will moderate in the next few months but will see growth in the first quarter of 2025. This is expected to be followed by a surge in demand during the spring homebuying season. As mortgage rates moderate in 2025, housing sentiment is anticipated to improve, encouraging more consumers to enter the market
CALIFORNI HOMES SALES PRICES MARKET
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