Sales of existing, single-family detached homes in California fell for the seventh consecutive month in November, the California Association of Realtors reported Tuesday.
November’s sales figure was down 3.9 percent from October and 13.4 percent from November 2017. Homes were selling at a seasonally adjusted annual rate of 381,400 units in November, compared to 440,340 a year ago.
Sales in San Diego were down 8.4 percent from October and 11.0 percent compared to last November.
“While many home buyers continue to sit on the sidelines, serious buyers who are in a position to purchase should take advantage of this window of opportunity,” said Realtors association President Jared Martin. “Now that interest rates have pulled back, home prices have tapered, and inventory has improved, home buyers’ prospects of getting into a home are more positive.”
The statewide median home price declined to $554,760 in November, down 3.0 percent from $572,000 in October but up 1.5 percent from a revised $546,820 in November 2017.
Prices are falling in San Diego as well. The median price in November was $626,000, down 1.5 percent from $635,500 in October, but still 1.0 percent above last November’s $619,900.
“The slowdown in price growth is occurring throughout the state, including regions that have strong economic fundamentals such as the San Francisco Bay Area,” said Leslie Appleton-Young, the Realtors association’s senior vice president and chief economist. “The deceleration in home price appreciation should be a welcome sign for potential buyers who have struggled in recent years against low inventory and rapidly rising home prices.”
The median number of days it took to sell a California single-family home edged up from 22 days in November 2017 to 28 days in November 2018.