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Latest Market Trends & Updates by O\'Kelly Pacific

California Home Sales Maintain Pace in September

CA Market Trends Update by O'Kelly Pacific

California home sales remained steady in September, as home price gains eased back from an unusually high increase in August, C.A.R. reported today.

Closed escrow sales of existing, single-family detached homes in California totaled a seasonally adjusted annualized rate of 396,440 units in September, according to information collected by C.A.R. from more than 90 local REALTOR® associations and MLSs statewide.  Sales in September inched up 0.4 percent from a revised 394,700 in August and were down 4.2 percent from 413,850 in September 2013.  September marked the 11th straight month that sales were below the 400,000 level and the 14th straight month that sales have declined on a year-over-year basis.  The statewide sales figure represents what would be the total number of homes sold during 2014 if sales maintained the September pace throughout the year.  It is adjusted to account for seasonal factors that typically influence home sales.

The median price of an existing, single-family detached California home fell 4 percent from August’s median price of $480,280 to $460,940 in September but was up 7.6 percent from the revised $428,290 recorded in September 2013.  The statewide median home price has been higher on a year-over-year basis for more than two years. The median sales price is the point at which half of homes sold for more and half sold for less; it is influenced by the types of homes selling as well as a general change in values.

Read more at car.org

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