California home sales decline from previous month, year

California home sales declined in October, from both the previous month and previous year, according to data from C.A.R. 

Statewide home resale activity declined 3.5 percent in October to a seasonally adjusted annualized rate of 450,360, down from September’s revised pace of 466,930, according to information collected by C.A.R. from more than 90 local REALTOR® associations statewide.  The October pace was down 19.6 percent from the revised 560,390 sales pace recorded in October 2009.

“October’s home sales figures reflect the seasonal decline in sales that typically occurs this time of year.  Additionally, persistent worries about the economy and job security are affecting home sales, despite low mortgage rates and strong affordability,” said C.A.R. President Beth L. Peerce.

The median price of an existing, single-family detached home sold in California during October was $304,220, down 1.8 percent from September’s $309,720 revised median price.  October’s median price was up 2.3 percent from the $297,500 median price recorded for the same period a year ago, marking 12 consecutive months of year-over-year price gains.

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