ARAMCO Report - The Mother of ALL Mortgage Blogs!

Calif. home sales down compared to last year

Posted by The Aramco Group on Tue, Dec 19, 2017 @ 14:12 PM

Home sales in California fell slightly in November compared to last year as median prices climbed to their highest year-over-year gains since January 2016, according to the California Association of Realtors. The report showed that closed escrow sales statewide were 44,340 last month, an increase of 2.1 percent from October but down 0.8 percent from the November 2016.

The median price for a home in the Golden State remained above a half-million dollars for the ninth consecutive month at $546,820.

In San Diego monthly sales volume dropped 4.2 percent according to CAR. Active listings in Los Angeles, Orange, Riverside and San Diego counties fell by 8 percent on a yearly basis, resulting in the higher prices.

Meanwhile, conforming no-point 30-year fixed mortgage rates are averaging 4 percent while 15-year rates are near 3.75 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.