California home sales climbed to their highest level in three years in November, even as home prices softened, reflecting a cautiously improving housing market, according to the California Association of Realtors (CAR).
Statewide sales of existing single-family homes rose 2.1% from October to a seasonally adjusted annual rate of 282,000 units, marking the strongest pace since October 2021, CAR said. Compared with the same month a year earlier, sales increased 4.8%, extending the market’s year-over-year gains for a fourth straight month.
Pending sales also pointed to continued momentum. CAR reported that its Pending Home Sales Index rose 3.2% from the prior month and 6.5% from a year earlier, suggesting buyer activity improved despite affordability pressures.
Home prices, however, moved in the opposite direction. The statewide median home price fell 1.5% from October to $838,990, though it remained 2.8% higher than a year earlier. CAR attributed the month-to-month decline to seasonal factors and a shift toward more sales in relatively affordable inland markets.
Regional trends were mixed. The San Francisco Bay Area recorded the largest year-over-year price gain, while Southern California posted more modest increases. Several inland regions saw slight price declines from the previous month, reflecting a changing mix of homes sold rather than broad-based depreciation.
Mortgage rates continued to play a key role. The average rate on a 30-year fixed mortgage eased to about 6.8% in November, down from earlier peaks this year.
BY HOONSIK WOO [woo.hoonsik@koreadaily.com]
