AgentIndustry News

California home sales strong, yet prices and transactions slide in September

Post-summer slowdown showing in California home sales, but there's nothing to worry about.
  • Properties are selling below list price, except in the San Francisco Bay Area.
  • Sales remained vigorous in September, with more than 400,00 properties changing hands.
  • The median price of an existing, single-family detached California home decreased 2.3 percent in September.

Summer’s end meant a pause in California’s push forward in home sales and rising prices. The good news is that sales remained vigorous in September, with more than 400,000 properties changing hands. The specifics: According to the California Association of Realtors (CAR), September’s seasonally adjusted annualized rate of closed sales is 425,030 existing, single-family detached homes. According to the group, that makes a streak of six months over 400,000, and gains on a year-to-year basis for the eighth straight month. The September figure was down 1.5 percent from the revised 431,630 level in August but up 6.9 percent compared with the year-over-year figure of a revised 397,490. The year-to-year change was lower than the six-month average increase of 9.7 percent observed between March 2015 and August 2015. CAR President Chris Kutzkey points out that even though the market sees improvement over last year, new disclosure rules set to impact purchases may slow loa...