California October Home Sales "Highest Level Since February"; 4th Look at Local Markets
California Median Price per Square Foot Down 2.5% Year-over-year
Here a few more local markets prior to the NAR release on Thursday.
California reports seasonally adjusted sales and some measures of inventory.
From the California Association of Realtors® (C.A.R.): California home sales hit highest level since February, C.A.R. reports
California home sales rose in October from both the prior month and a year ago to reach the highest level since February, the CALIFORNIA ASSOCIATION OF REALTORS® (C.A.R.) said today.
Closed escrow sales of existing, single-family detached homes in California totaled a seasonally adjusted annualized rate of 282,590 in October, 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 2025 if sales maintained the October pace throughout the year. It is adjusted to account for seasonal factors that typically influence home sales.
October home sales edged up 1.9 percent from 277,410 in September to 282,590 in October. Home sales improved 4.1 percent from a revised 271,370 recorded a year earlier. …
The statewide median home price ticked up 0.4 percent from $883,640 in September to $886,960 in October, bucking the long-run declining trend at an average of -1.4 percent observed between September and October. The October median price dipped year over year for the first time in three months, down 0.2 percent to $888,740 but remained near the record-high reached six months ago. Despite stabilizing home prices in recent months, mortgage rate volatility and heightened economic uncertainty could continue to keep prospective buyers on the sidelines and may delay a broader recovery in the near term. …
• Following the typical seasonal downward pattern, housing inventory fell in October from the previous month as the market transitioned into the off season. The Unsold Inventory Index (UII) dipped in October compared to September, as home sales ticked up and active listings pulled back. The index was 3.2 months in October, down from 3.6 months in September and essentially unchanged from 3.1 months in October 2024. Year over year, the UII grew modestly as total active listings continued to grow from a year ago for the 21st consecutive month. However, the 10.3 percent increase was the smallest since February 2024. October marked the sixth straight month of decelerating inventory growth, an indication that the momentum on the supply side is gradually easing as the market moves further into the holiday season.• The statewide median price per square foot for an existing single-family home was $431, down from $442 in October a year ago.
emphasis added
Closed Sales in October
In October, sales in these markets were up 1.5% YoY. Last month, in September, these same markets were up 8.5% year-over-year Not Seasonally Adjusted (NSA).
Important: There were the same number of working days in October 2025 (22) as in October 2024 (22). So, the year-over-year change in the headline SA data will be similar to the change in NSA data (there are other seasonal factors).
Notes for all tables:
New additions to table in BOLD.
Northwest (Seattle), Jacksonville Source: Northeast Florida Association of REALTORS®
Totals do not include Atlanta, Denver and Minneapolis (included in state total)
Comparison to 2019 ONLY includes local markets with available 2019 data!
For the previous month (September), there were one more working days in September 2025 (21) as in September 2024 (20). So, the year-over-year change in the headline SA data was lower than the NSA data suggested (there are other seasonal factors).
Sales in most of these markets are down sharply compared to October 2019.
Last year, the NAR reported sales in October 2024 were at 4.03 million SAAR. This data suggests that October existing sales (as reported by the NAR) will be close to the same level as sales in September (SA) and up slightly year-over-year.
The NAR is scheduled to report October sales on Thursday, and the consensus is for 4.08 million SAAR, up from 4.06 million in September.
Months of Supply
Here is a look at months-of-supply using NSA sales. Note the regional differences, especially in Florida and Texas.
New Listings in October
For these areas, new listings were up 7.0% year-over-year.
Last month, new listings in these markets were up 7.2% year-over-year.
New listings have picked up a little, but are still down 5.4% compared to October 2019 activity for these markets.
Active Inventory in October
Inventory was up 16.6% year-over-year. Last month inventory in these markets was up 17.6% YoY.
Several local markets - like Illinois, Miami, New Jersey and New York - will report after the NAR release.