California Existing Home Sales Down in October 2016 from September 2016

By
Real Estate Agent with The Lewis Team at Keller Williams Cal BRE #01352522

California Existing Home Sales Down in October 2016 from September 2016

I was reading an article from the California Association of Realtors that showed California home sales statistics for November 2016. Sales were down from last month but up from last year at this time. Here is an excerpt from the article from CAR:San Diego Real Estate Market 2017

Existing, single-family home sales totaled 442,320 in November on a seasonally adjusted annualized rate, down 0.1 percent from October and up 17.7 percent from November 2015.

The statewide median price decreased for the third straight month but remained above the $500,000 mark for the eighth consecutive month. The median price of an existing, single-family detached California home was down 2.3 percent in November at $501,710 from a revised $513,520 in October.

November’s median price increased 4.9 percent from the revised $478,140 recorded in November 2015. The median sales price is the point at which half of homes sold for more and half sold for less; it is influenced by the types of homes selling, as well as a general change in values. The monthly price decline is primarily due to seasonal factors.

“The Federal Reserve’s announcement last week to raise the federal funds rate has been anticipated and should only have a minor, if any, adverse impact on the housing market in the next couple of months since rates are still historically low. Yet, future rate hikes will further increase the cost of a mortgage, which could impact home sales in 2017 and beyond,” said C.A.R. Senior Vice President and Chief Economist Leslie Appleton-Young. “Moreover, with the specter of rates drifting higher, more buyers may rush in to buy homes and compete for a dearth of homes available for sale, which could put upward pressure on home prices and lead to a further decline in affordability.”

Posted in 4s RanchBlogBlogrollBonitaCardiffCarlsbadCarmel ValleyCentral InlandCoastal San Diego Real EstateCoronadoDel MarDowntownEastLake,EastLake SummitEl CajonFallbrookJamulKeller WilliamsLa JollaLa MesaLogan HeightsMetroNational CityOcean BeachOld TownOlivenhainPine ValleyPoint LomaSan Diego Market ReportSan Diego Real EstateSan Diego Real Estate Blog,San Diego Real Estate NewsSan MarcosSanteeSpring ValleyThe Lewis Team,TierrasantaValley Center

Here is the link to the article:

http://www.car.org/newsstand/newsreleases/2016releases/nov2016sales?view=Standard

I also read an article from the National Association of Realtors that has the total number of existing home sales up in the United States overall with a surge in the Northeast. Here is an excerpt from that article from NAR:

A big surge in the Northeast and a smaller gain in the South pushed existing-home sales up in November for the third consecutive month, according to the National Association of Realtors®.

Total existing-home sales 1, which are completed transactions that include single-family homes, townhomes, condominiums and co-ops, rose 0.7 percent to a seasonally adjusted annual rate of 5.61 million in November from a downwardly revised 5.57 million in October. November's sales pace is now the highest since February 2007 (5.79 million) and is 15.4 percent higher than a year ago (4.86 million)

Regional Breakdown

Existing-home sales in the West declined 1.6 percent to an annual rate of 1.25 million in November, but are still 19.0 percent higher than a year ago. The median price in the West was $345,400, up 8.5 percent from November 2015.

Here is the link to the article:

https://www.nar.realtor/news-releases/2016/12/existing-home-sales-forge-ahead-in-november

The Real Estate Market for 2017 should be quite interesting. Interest rates have started to rise, we have a new president and the economy is improving. The overall feeling is that the real estate market should stay strong throughout 2017 but then again anything can happen. 

If you’re interested in buying a home in San Diego or selling a home in San Diego give us a call. We would love to answer any question that you have.

What is my San Diego Real Estate Value?

San Diego Real Estate Search

San Diego Home Search        San Diego Condo Search

The Lewis Team

619-656-0655

San Diego Real Estate Agents with Keller Williams

San Diego Real Estate   Buy a Home in San Diego    Sell a Home in San Diego    

close

This entry hasn't been re-blogged:

Re-Blogged By Re-Blogged At
Topic:
Real Estate Market Trends
Location:
California San Diego County Rancho Bernardo Sabre Springs
Groups:
Keller Williams
San Diego Real Estate and Homes
San Diego MLS MLS of San Diego
San Diego Home Search
San Diego Homes for Sale
Tags:
san diego real estate
keller williams
the lewis team
san diego keller williams
the lewis team in san diego
san diego real estate market 2017
keller williams rancho bernardo

Post a Comment
Spam prevention
Spam prevention
Post a Comment
Spam prevention

What's the reason you're reporting this blog entry?

Are you sure you want to report this blog entry as spam?

Rainmaker
214,865

Mike and Dawn Lewis

The Lewis Team at Keller Williams in San Diego CA
Ask me a question
*
*
*
*
Spam prevention