Closed escrow sales of existing, single-family detached homes in California continue to ride a record high, driven by low mortgage rates and strong demand. The California Association of Realtors reported last week that home sales reached an annualized rate of 454,450 in November. This represents what would be the total number of homes sold in the state during 2021 if sales maintained the November pace all year long. November’s sales figures are 4.7 higher than October but down 10.7 percent from the same month last year.
As for home prices in the Golden State, although they have stabilized from the surge seen throughout much of the year, they remain near record highs. The median sales price in November was $782,480, down two percent from October but up 11.9 percent from last year.
Many industry insiders speculate that home sales volume has the potential for even higher levels if there were more homes listed.
Today, 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.
