October home sales and price report

November 18, 2014

Low mortgage rates fail to perk California home sales in October

Bay Area continues to experience low inventory and strong price and sales growth

LOS ANGELES (Nov. 18) – The lowest mortgage rates in 18 months failed to spark the California housing market in October as sales stayed flat and home prices increased at the slowest pace since early 2012, the CALIFORNIA ASSOCIATION OF REALTORS® (C.A.R.) said today.

Closed escrow sales of existing, single-family detached homes in California totaled a seasonally adjusted annualized rate of 396,220 units in October, according to information collected by C.A.R. from more than 90 local REALTOR® associations and MLSs statewide.  Sales in October were unchanged from a revised 396,400 in September but were down 1.9 percent from a revised 404,000 in October 2013.  October marked a full year that sales were below the 400,000 level. The statewide sales figure represents what would be the total number of homes sold during 2014 if sales maintained the October pace throughout the year.  It is adjusted to account for seasonal factors that typically influence home sales.

“As we move into the off-peak home buying season, prospective buyers who may have delayed their purchase earlier in the year should take advantage of the current favorable market conditions and resume their home search,” said 2015 C.A.R. President Chris Kutzkey.  “With home prices stabilizing and interest rates dropping back down to levels not seen since mid-last year, housing affordability should improve to benefit buyers.”

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