California’s housing market recorded its largest annual increase in existing home sales since June 2021 this November, the California Association of Realtors said Tuesday. However, the market continues to recover slowly, with overall sales still far below pre-COVID levels.
The sales of existing single-family homes climbed 1.1% from October’s 264,870 homes to 267,770 in November. Compared to November 2022, sales surged 19.5% from a revised 224,140 homes. CAR noted, though, that this significant year-over-year growth was due to the “low-base effect,” as November 2022 sales dropped to their lowest point since late 2007.
“Mortgage rates continue to remain elevated, leading to challenges for many buyers,” 2025 CAR President and Palm Springs realtor Heather Ozur said. “However, home prices are growing at a moderate pace and housing supply is increasing, indicating some hope that the market will continue to improve next year.”
The median home price in San Diego County was $975,000 in November, a 3.5% decrease since the previous month’s $1.01 million, but a 18.7% increase from last year at this time.
The statewide median home price declined 4% month-over-month, from $888,740 in October to $852,880 in November. Despite this drop, the median price rose 3.8% year-over-year from November 2022’s revised $821,710.
November’s price drop marked the largest October-to-November decline since 2008, following a significant price increase in the prior month. CAR attributed the drop primarily to a shift in the sales mix, with higher-priced home sales pulling back more sharply than lower-priced sales.
Still, high-end home sales remained a key driver of California’s overall price growth.
“Home prices are expected to moderate further in the next couple of months if they follow the seasonal trend, but should continue to grow in the first quarter of 2025 before the kick-off of the spring homebuying season,” CAR Senior Vice President and Chief Economist Jordan Levine said.
“With mortgage rates expected to moderate in 2025, housing sentiment will continue to improve throughout the next 12 months, and more consumers will get off the sidelines as they acclimate further to the new market environment.”
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