California Housing Market Continues Strong Performance in October

California’s housing market continued its momentum in October, posting strong year-over-year sales and price gains in nearly every county of the state, C.A.R. reported last week.

Closed escrow sales of existing, single-family detached homes in California totaled a seasonally adjusted annualized rate of 544,380 units, according to information collected by C.A.R. from more than 90 local REALTOR® associations and MLSs statewide.  Sales in October were up 12.5 percent from a revised 484,050 in September and up 10.2 percent from a revised 493,790 in October 2011.  The statewide sales figure represents what would be the total number of homes sold during 2012 if sales maintained the October pace throughout the year.  It is adjusted to account for seasonal factors that typically influence home sales.

The statewide median price of an existing, single-family detached home declined 1.1 percent from September’s $345,000 median price to $341,370 in October.  October’s price was up 23 percent from a revised $277,450 recorded in October 2011, marking the eighth consecutive month of annual price increases and the fourth consecutive month of double-digit annual gains.  The year-to-year increase was the largest since May 2010.

Carylee Stone

Distinctive Properties

858-344-2632

carylee@stonehometeam.com