California housing market continues record breaking streak

California housing market continues record breaking streak

California housing market continues record breaking streak
The global pandemic that continues to rock the U.S. economy has not stopped Californians from going after their dream home. According to information from the California Association of Realtors, October saw a continuation of double-digit growth of California home sales and just a hair under September’s record breaking levels.

Closed escrow sales of existing, single-family detached homes in the State totaled an annualized 484,510 units when seasonally adjusted. This is the fourth consecutive month with a rate above 400,000 and just one percent lower than September.

This rate of home buying in the fall is unusual as homebuying season typically ends in the summer. But the need for more space and record low mortgage rates suggest that buyers will continue house hunting well in to the winter.

Meanwhile, conforming no-point 30-year fixed mortgage rates are averaging 2.875 percent and 15-year rates are near 2.375 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 (866) 381-8888 and your questions may be featured in an upcoming article.