By Glenn Bradd, Associate Broker and Resident
| LIFE IN SOLERA | FEBRUARY 2025 | 9
California has experienced its largest annual increase in home
sales since June 2021, but sales level remains below pre-COVID
norm. November's statewide median home price was $852,880,
down 4 percent from October but up 3.8 percent from $821,710 in
November 2023.
November's sales pace climbed 1.1 percent from October and was
up 19.5 percent from a year ago. However, home sales in November
2023 had dropped to their lowest level since late 2007.
"Mortgage rates continue to remain elevated, leading to challenges
for many buyers. However, home prices are growing at a moderate
pace and housing supply is increasing, indicating some hope that the
market will continue to improve next year," said C.A.R. President
Heather Ozur, a Palm Springs REALTOR. A solid increase in high-
end home sales in November was a contributing factor for the rise in
the California median sold price. With market activity remaining
slow during the holiday season and mortgage rates likely to stay
elevated in the next couple of weeks, housing supply could inch
up further at the start of 2025. The median number of days it took
to sell a California single-family home was 26 days in November,
up from 21 days in November 2023. California's statewide sales-
price-to-list-price ratio was 99.4 percent in November 2024 and 100
percent in November 2023.
The 30-year, fixed-mortgage interest rate averaged 6.81 percent in
November, down from 7.44 percent in November 2023.
Source: www.car.org Dec. 17, 2024
REAL ESTATE REPORT
November Home Sales
& Price Report
