The cooler weather and new school year did little to slow down home sales in California last month. According to the California Association of Realtors, closed escrow sales climbed on both a month-to-month and yearly basis in September – remaining above the 400,000 benchmark for the eighteenth consecutive month.
Currently, the seasonally adjusted annualized rate of home sales in California is 436,950 units. This is an approximation of what the total number of homes sold in 2017 would be if sales maintained the September pace throughout the year. Last month's figures are up 2.2 percent from August and 1.7 percent compared to last year.
While this latest data reflects continued growth in the California housing market, the pace at which home sales are increasing has slowed this year due to eroding affordability. Today, conforming no-point 30-year fixed mortgage rates are averaging 3.875 percent while 15-year rates are near 3.25 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 (866) 381-8888 and your questions may be featured in an upcoming article.