California October home sales and price report

California October home sales and price report

According to the California Association of Realtors,  home sales remained robust in October as prices leveled off and low rates continued to provide support to the housing market.

Home sales in October totaled 434,170 , down 0.9 percent from September and down 10.4 percent from October 2020 (statistics provided by CAR website)

October’s statewide median price was $798,449 down 1.3 percent from September and up 12.3 percent from October 2020.

Year-to-date statewide home sales were up 13.4 percent from October.

According to C.A.R. President Otto Catrina, “As the housing market moves from frenzied to less frenzied and price growth comes back to earth, fewer homes are selling above asking price and bidding wars are less prevalent, so more buyers who pushed pause earlier this year will be able to take advantage of still cheap financing..

He continues, ‘With their median price being 30 percent less than that of a single family home, condominiums and townhouses have been selling particularly well as they are a more affordable option to buyers with a smaller budget.”

See also  San Fernando Valley Home Prices Hit All-Time High