CA home sales and prices ease back in Nov - Orange County Realtor Jaleesa Peluso

From CAR: CA home sales and prices retreated in Nov 2019, though the state wide median price recorded its largest year- over- year price gain in nearly a year and a half, according to the CALIFORNIA ASSOCIATION OF REALTORS® (C.A.R.).

Closed escrow sales of existing, single-family detached homes in CA totaled a seasonally adjusted annualized rate of 402,880 units in November, according to information collected by C.A.R. from more than 90 local REALTOR® associations and MLSs statewide. The statewide annualized sales figure represents what would be the total number of homes sold during 2019 if sales maintained the November pace throughout the year. November’s sales figure was down 0.3 percent from the 404,240 level in October but up 5.6 percent from home sales in November 2018 of a revised 381,690.

The median price decreased 2.6 percent from October’s $605,280 to $589,770 in November, marking the first time in seven months that the median price was under $600,000. November’s median price was up 6.4 percent from $554,240 in November 2018. The year-over-year price increase was the largest since July 2018.

Making sense of the story:

While statewide home sales and prices eased back slightly as the housing market continued to move into the off season, a favorable lending environment continues to draw interest from buyers who want to take advantage of low rates.
The upper end of the market, in particular, is showing some welcomed improvement in recent months as both sales and prices posted mild growth from a year ago in November.
Home sales have been more robust market in the second half of the year, driven primarily by the lowest interest rates in nearly three years.
While uncertainties and supply constraints will continue to dictate the market outlook in 2020, the California housing market will likely wrap up 2019 in slightly better shape than previously thought.