“Swift swings” takes a quick peek at one economic trend.
The number: California homebuying in November took its biggest one-year leap since June 2021.
The source: My trusty spreadsheet looked at the California Association of Realtors’ latest home sales report.
The curve
Sales of existing, single-family detached homes ran at a 267,800 annual statewide pace for the month, up 19.5% from November 2023.
But there’s a catch to this jump. November 2023 was the slowest selling month in 17 years.
California home sales — mired in affordability woes chasing off many house hunters — remain well below the pre-pandemic 400,000-a-year buying pace.
Details
Prices remain stubbornly high. November’s median sales price of $852,880 was a 3.8% increase in a year.
REAL ESTATE NEWSLETTER: Get our free ‘Home Stretch’ by email. SUBSCRIBE HERE!House hunters’ options grew. The statewide unsold inventory index is up 13.8% in a year.
But it took longer to sell a home. The median days on market was 26 in November, up five days in a year.
Sound bite
“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,” said Jordan Levine, the Realtors’ chief economist. “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.”
Jonathan Lansner is the business columnist for the Southern California News Group. He can be reached at [email protected]
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