California Home Sales Remain Solid in October

October’s sales pace dipped 0.9 percent on a monthly basis from 438,190 in September and was down 10.4 percent from a year ago, when 484,510 homes were sold on an annualized basis. Despite the fourth straight year-over-year sales decrease, statewide home sales maintained a 13.4 percent increase on a year-to-date basis.

“As the housing market moves from 'frenzied' to 'less frenzied' and price growth comes back to earth, fewer homes are selling above asking price and bidding wars are less prevalent, so more buyers who pushed pause earlier this year will be able to take advantage of still-cheap financing," said 2022 C.A.R. President Otto Catrina, a Bay Area real estate broker and REALTOR®. “With their median price being 30 percent less than that of a single-family home, condominiums and townhomes have been selling particularly well as they are a more affordable option to buyers with a smaller budget.”

California home prices continued to level off as the market moved further into the off-season, dipping below the $800,000 benchmark for the first time in seven months. At $798,440 in October, the statewide median price was down 1.3 percent from September’s $808,890 and was up 12.3 percent from the $711,300 recorded in October 2020. The month-to-month price decline was the second in a row, and the price drop from September was on par with the long run average of -1.5 percent recorded between a September and an October in the past 42 years.

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