California Home Sales Report: Decrease in Sales and Increase in Prices
EconomyResource ManagementThe latest report on California home sales reveals a significant decrease in sales compared to the previous year, while home prices have been experiencing a modest increase. This trend has implications for both buyers and sellers in the housing market.
Decline in Home Sales
⬇️Home sales in California have decreased by 11.9% year-over-year and 27% year-to-date.
⬇️This decline marks the 28th consecutive year of decreasing home sales in California.
ℹ️Further information regarding home prices will be shared in the video.
Trends in Home Prices
💰In October, 33% of homes sold were over $1 million, compared to 29% last year.
⏬California's median home prices have been increasing modestly for the past four months, but on a month-to-month basis, they have been decreasing.
📈The current increase in home prices is 5.8%, slightly higher than the 5.3% gain in 2017-2018.
FAQ
What is the current trend in California home sales?
The current trend shows a significant decrease in home sales, marking the 28th consecutive year of declining sales.
Are home prices increasing or decreasing in California?
California's median home prices have been increasing modestly for the past four months, but on a month-to-month basis, they have been decreasing.
What percentage of homes sold in October were over $1 million?
In October, 33% of homes sold were over $1 million, compared to 29% last year.
How do mortgage rates in October compare to previous months?
Mortgage rates in October averaged at 7% according to Freddy Mac.
What is the expectation for inventory levels in the coming months?
It is expected that inventory levels will fall compared to October once November's numbers are released.
Summary with Timestamps
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The latest report on California home sales reveals a significant decrease in sales compared to the previous year, while home prices have been experiencing a modest increase. This trend has implications for both buyers and sellers in the housing market.
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