Talking Points …
- Slower price gains and the lowest interest rates in nearly two years did little to spur November home sales as low housing affordability and tight supply conditions remained obstacles to entering the market for would-be buyers, according to the CALIFORNIA ASSOCIATION OF REALTORS® (C.A.R.).
- Closed escrow sales of existing, single-family detached homes in California totaled a seasonally adjusted annualized rate of 376,480 units in November, according to information collected by C.A.R. from more than 90 local REALTOR® associations and MLSs statewide. Sales in November were down 5.3 percent from a revised 397,400 in October and down 3.4 percent from a revised 389,580 in November 2013. Home sales have been below the 400,000 level since November 2013. The statewide sales figure represents what would be the total number of homes sold during 2014 if sales maintained the November pace throughout the year. It is adjusted to account for seasonal factors that typically influence home sales.
- The median price of an existing, single-family detached California home slipped 1.1 percent from October’s median price of $450,270 to $445,280 in November but was up 5.2 percent from the revised $423,090 recorded in November 2013. The statewide median home price has been higher on a year-over-year basis for more than two years, but price gains have narrowed over the past few months. The median sales price is the point at which half of homes sold for more and half sold for less; it is influenced by the types of homes selling as well as a general change in values.