On December 19, 2016, California Association of Realtors (C.A.R) reported an annualized rate of 442,320 single family homes sold in California in November of 2016 declined 0.1% from 442,970 in October of 2016, but jumped 17.7% from 375,850 units in November of 2015. While, homes values dropped 2.3% to an avarage price of $501,710 in November of 2016 from $513,520 in October 2016, but gained 4.9% from price of $478,140 in November of 2015 in California. The average square foot of single family home was $250.00 in November of 2016, higher from $247.00 in October of 2016, and rose from $236.00 in November of 2015 in California.
There were 3.1 months supplies of available inventory of homes in November of 2016, down from 3.4 in October of 2016, and fell from 4.2 months in November of 2015. An average it took 29.7 days to sell a home in November 2016, up from 29.4 days in October 2016, but decreased from 37.6 days in November of 2015 in California.
C.A.R. President Geoff McIntosh, stated “Additionally, near-universal expectation of the Federal Reserve’s rate increase may have given many buyers a sense of urgency to get into the market before rates rise further.”
For complete more detailed information about the California Association of Realtors’ November of 2016 in California homes sales and value report, please CLICK HERE