| LIFE IN SOLERA | FEBRUARY 2023 | 17
Existing single-family home sales totaled 237,740 in November on
a seasonally adjusted annualized rate, down 13.2% from October and
down 47.7% from November 2021
November's statewide median home price was $777,500, down
3% from October and down .6% from November 2021. Year-to-date
statewide home sales were down 21.2% in November.
Housing demand in California continued to fall as rising interest
rates further dampened the state's housing market in November. This
is the largest year-over-year sales drop in at least four decades. Home
sales have been on a downward trend for 17 straight months on a
year-over-year basis. It was the fourth time in the last five months
that sales dropped more than 30% from the year ago level. Sales in
all price segments dropped more than 40% year-over-year, with the
$2 million plus price segment falling the most at 47.7%. The most
affordable market – sub $300,000 experienced the smallest sales
drop at 41.4%.
The significant pullback in housing demand continued to push up
inventory in all California counties. The median number of days it
took to sell a California single-family home was 24 days in November
and 11 days in November 2021. The statewide sales-price-to-list-
price ratio was 96.7% in November and 101.4% in November 2021.
As expected, higher borrowing costs, lower demand and rising
uncertainty finally caused price to moderate for the first time in
more than 10 years. Sales and price growth will likely remain on a
downward trend in the short term. However, pending sales suggest
that the pace of decline should moderate in the coming months.
Source: California Association Of Realtors
November California Sales Report
By Glenn and Nona Bradd, Broker Associates and Residents
