The pace of home sales in California may have moderated slightly at the end of the year but that didn’t keep it from topping 2020’s sales pace by nearly eight percent. The seasonally adjusted annualized rate of home sales in the state reached 429,860 in December. The sales pace for the entire year was the strongest recorded since 2009. This latest data comes from the California Association of Realtors.
The rate of home sales in the Golden State are particularly impressive considering rising prices. The statewide median price was $796,570 last month, up 11 percent on a year-over-year basis. The December price increase marks the 17th consecutive month of double-digit price gains.
San Diego’s median price for a single-family home as of December was $836,700, up 14.6 percent from the same month the prior year.
Meanwhile, conforming no-point 30-year fixed mortgage rates are averaging 3.0 percent and 15-year rates are near 2.25 percent.
Do you have a question for Real Estate & Mortgage Analyst Mehran Aram? Submit your queries about a home purchase, refinance, or reverse mortgage via Aramco.biz, social media (#AramcoReport), or over the phone at (877) 700-0942 and your questions may be featured in an upcoming article.
