California Home Sales Up 5% SA YoY in September
The National Association of Realtors (NAR) is scheduled to release September Existing Home Sales on Wednesday, October 23rd at 10 AM ET. The consensus is for 3.89 million SAAR, up from 3.86 million in August.
Housing economist Tom Lawler estimates the NAR will report September sales of 3.83 million SAAR. The cycle low was 3.85 million SAAR in October 2023.
California Home Sales Increased in September YoY, New Listings Increased
Here is the press release from the California Association of Realtors® (C.A.R.): California housing demand drops in September as buyers remain hesitant amid falling mortgage rates, C.A.R. reports
Closed escrow sales of existing, single-family detached homes in California totaled a seasonally adjusted annualized rate of 253,010 in September, 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 2024 if sales maintained the September pace throughout the year. It is adjusted to account for seasonal factors that typically influence home sales.
September’s sales pace decreased 3.4 percent from the 262,050 homes sold in August and was up 5.1 percent from a year ago, when a revised 240,840 homes were sold on an annualized basis. The sales pace has remained below the 300,000-threshold for the past two years, while year-to-date home sales edged up 0.9 percent from the first nine months of 2023. …
Although September’s statewide median price declined 2.3 percent from $888,740 in August to $868,150 in September, it continued to grow from a year ago but at the slowest rate since July 2023. September’s figure was 2.9 percent higher than the revised $843,500 recorded in September 2023. The year-over-year gain was the 15th straight month of annual price increases. Home prices could soften further in the coming months as the market enters the traditional off-season but should continue to post year-over-year growth for the remainder of the year. …
New active listings at the state level improved from a year ago for the ninth consecutive month, with eight of them recording a double-digit increase.
emphasis added