After four months of consecutive declines, home sales in California reversed course and posted it’s largest gain in home sales in over a year. This latest data comes from the California Association of Realtors.
In total, closed sales of single-family detached homes in the state was up 5.6 percent in September from August and 10.5 percent from the same month last year. This was the largest annual gain since August 2020. Industry insiders had expected a gradual cooling of home sales in the Fall but this latest increase suggests that the California housing market is in for a hot winter.
Despite home prices continuing to top themselves, reaching a new record in August, low mortgage rates are motivating buyers.
Today, conforming no-point 30-year fixed mortgage rates are averaging 2.875 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.
