California homes slowing down as holidays approach

California homes slowing down as holidays approach

California homes slowing down as holidays approach
According to new data, 43 out of California’s 51 counties recorded a year-over-year decrease in closed home sales in October. This aligns with typical seasonal trends in the housing market during the fall and winter months but also reflect pandemic impacts, a prolonged wildfire season and rising prices.

The California Association of Realtors reported this data last week and noted that 29 California counties experienced a decline greater than 10 percent. Mariposa county saw the biggest decline in home sales in October compared to last year with a drop of 52.9 percent.

Despite the recent decline, California’s housing market continued to maintain an overall healthy sales volume above pre-pandemic numbers.

Today, conforming no-point 30-year fixed mortgage rates are averaging 2.875 percent and 15-year rates are near 2.25 percent.

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