On November 16, 2016, California Association of Realtors (C.A.R) reported an annualized rate of 442,970 single family homes sold in California in October of 2016 gained 4.1% from 425,680 in September of 2016, and increased 8.0% from 410,310 units in October of 2015. While, homes values rose 1.2% to an avarage price of $513,520 in October of 2016 from $507,260 in September 2016, and jumped 7.3% from price of $478,780 in October of 2015 in California. The average square foot of single family home was $247.00 in October of 2016, down from $250.00 in September of 2016, but higher from $237.00 in October of 2015 in California.
There were 3.4 months supplies of available inventory of homes in October of 2016, lower from 3.5 in September of 2016, and declined from 3.6 months in October of 2015. An average it took 29.4 days to sell a home in October 2016, up from 28.9 days in September 2016, but fell from 34.7 days in October of 2015 in California.
C.A.R. President Geoff McIntosh, stated “As a result, home prices at the lower end of the market have risen significantly in the past year, challenging an already depressed homeownership rate.”
For complete more detailed information about the California Association of Realtors’ October of 2016 in California homes sales and value report, please CLICK HERE