California home sales reached a seven-month high in September, rebounding as mortgage rates stabilized, according to the California Association of Realtors (CAR). Closed escrows for existing single-family homes totaled an annualized 277,410, up 5.0% from August’s 264,240 and 6.6% above the 260,340 recorded a year earlier. Sales have stayed below the 300,000 mark for three consecutive years.
CAR attributed the September pickup to mortgage rates easing to their lowest level since October 2024, noting the average 30-year fixed rate was 6.35% in September.
The statewide median price was $883,640 in September, down 1.7% from August ($899,130) but 1.8% higher year over year (from $868,150 in September 2023).
“September’s market showed year-over-year gains in both sales and price,” said Jordan Levine, chief economist at CAR. “Rate stability should aid demand, though uncertainty—from a potential federal government shutdown to U.S.–China trade tensions—could slow the pace of recovery.”
Regionally, three areas posted double-digit year-over-year sales gains: the Central Coast rose 11.8%, Southern California 11.3%, and the Central Valley 10.2%. By county, Los Angeles County sales climbed 13.8% from a year earlier, and Orange County increased 10.8%. On prices, Northern California advanced 2.9% year over year, the San Francisco Bay Area 2.7%, Southern California 2.3%, and the Central Coast 1.2%.
County price trends were mixed month to month. Los Angeles County’s median reached $983,230, up 2.4% from August, while Orange County rose 0.3% to $1,401,250.
Homes took longer to sell than a year ago. The statewide median time on market was 32 days in September, compared with 24 days in September 2024. Los Angeles County lengthened from 24 to 31 days, and Orange County from 22 to 33 days.
Experts cited broadly stable prices and moderate rates as supportive near-term factors. If broader economic uncertainty eases, sidelined buyers could reenter the market.
BY HOONSIK WOO [woo.hoonsik@koreadaily.com]
