October 18, 2019
California’s housing market recorded a third consecutive year-over-year sales increase as month-over-month sales remained essentially flat amid the most favorable mortgage interest rates in nearly three years, the California Assoc. of Realtors (C.A.R.) reported.
Closed escrow sales of existing, single-family detached homes in California totaled a seasonally adjusted annualized rate of 404,030 units in September.
September’s sales figure was down 0.5% from the 406,100 level in August and up 5.8% from home sales in September 2018 of a revised 382,040. The year-over-year sales increase was the largest in two-and-a-half years.
C.A.R. President Jared Martin says, “The housing market has been performing better so far in the second half of 2019, with both sales and prices up as mortgage rates remain near their three-year lows. Additionally, pending sales have been on an upward trend with a near-10% increase over a year ago, making it the largest gain in three years. The solid improvement in pending sales suggests that the market may see more sales gains in the coming months.”
At the regional level, non-seasonally adjusted sales rose on an annual basis in all major regions, with Los Angeles County recording the largest yearly gain at 9.2%. The Central Valley experienced a 7.5% year-over-year increase. The San Francisco Bay Area posted a 6.2% yearly increase, and sales in the Inland Empire rose 5.6% from last year.
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