Roseville, Calif. – California home sales were up in September for the first time in seven months as a shortage of homes for sale continues to hold back the market.
According to the California Association of Realtors (CAR), closed sales of existing, single family homes totaled a seasonally adjusted annualized rate of 425,680 units in September. The statewide sales figure represents what would be the total number of homes sold during 2016 if sales maintained the September pace throughout the year. It is adjusted to account for seasonal factors that typically influence home sales.
The September figure was up 1.3 percent from the 420,360 level in August and up 0.8 percent compared with home sales in September 2015 of a 422,360. Home sales remained above the 400,000 pace for the sixth straight month, and the year-over-year increase was the first since January. Sales in Sacramento and Placer County were both up on a year-over-year basis. Sacramento County sales increased 2.9 percent while Placer County sales were up 1.1 percent.
The statewide median price remained above the $500,000 mark for the sixth straight month. The median price of an existing, single-family detached California home was down 2.3 percent in September to $514,320 from $526,580 in August. September’s median price increased 6.1 percent from $484,670 recorded in September 2015.
- Placer County’s median price was $430,240 up from the August figure of $430,000 and 10.3 percent above the September 2015 median price of $390,000.
- In Sacramento County the September median price was $317,500 which is a decline from August but a 9.2 percent increase from September 2015.
Demand remains strong for lower-priced homes while we are seeing a slow down for homes in the higher end of the market. Statewide active listings continue to decline, falling 3.1 percent from August and 4.9 percent from a year ago. The year-over-year listings decline is the highest since January 2016. With the number of listing declining and demand still strong affordability will become a challenge for potential buyers as we end the year and start 2017.
