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California experiences largest annual increase in home sales since June 2021, but sales level remains below pre-COVID norm, C.A.R. reports

Palm Springs, CA

California had its largest yearly increase in existing home sales since June 2021 in November, but overall, the housing market remained a work-in-progress.  Despite a double-digit growth rate from their year-ago level, sales of existing single-family homes remained well below the pre-Covid norm of 400,000 units, the CALIFORNIA ASSOCIATION OF REALTORS® (C.A.R.) said at the end of 2024.

Closed escrow sales of existing, single-family detached homes in California totaled a seasonally adjusted annualized rate of 267,800 in November, according to information collected by C.A.R. from more than 90 local REALTOR® associations and MLSs statewide. The statewide annualized sales figure represents what would be the total number of homes sold during 2024 if sales maintained the November pace throughout the year. It is adjusted to account for seasonal factors that typically influence home sales.

November’s sales pace climbed 1.1 percent from the 264,870 homes sold in October and was up 19.5 percent from a year ago, when a revised 224,140 homes were sold on an annualized basis. The strong year-over-year gain observed last month was largely due to low-base effects, as home sales in November 2023 dropped to their lowest level since late 2007.

“Mortgage rates continue to remain elevated, leading to challenges for many buyers. However, home prices are growing at a moderate pace and housing supply is increasing, indicating some hope that the market will continue to improve next year,” said 2025 C.A.R. President Heather Ozur, a Palm Springs REALTOR®.

The statewide median price declined in November from the previous month but was up from the previous year. The November median price declined 4 percent from $888,740 in October to $852,880 in November but was up 3.8 percent from a revised $$821,710 in November 2023. On a month-to-month basis, the November median price had the largest October-to-November drop since 2008 after recording the biggest September-to-October increase in the prior month. 

The sizable monthly decline in price was due primarily to a change in the mix of sales, as home sales in the higher-price segments pulled back more sharply from the prior month than in the lower-price segments. Home sales in higher-priced market segments continued to have an effect on the overall price growth.  While the impact on the statewide median price gain had moderated in recent months, a solid increase in high-end home sales in November was still a contributing factor for the rise in the California median sold price. 

“Home prices are expected to moderate further in the next couple of months if they follow the seasonal trend, but should continue to grow in the first quarter of 2025 before the kick-off of the spring homebuying season,” said C.A.R. Senior Vice President and Chief Economist Jordan Levine. “With mortgage rates expected to moderate in 2025, housing sentiment will continue to improve throughout the next 12 months, and more consumers will get off the sidelines as they acclimate further to the new market environment.” 

Other key points from C.A.R.’s November 2024 resale housing report include:

Note: The County MLS median price and sales data in the tables are generated from a survey of more than 90 associations of REALTORS® throughout the state and represent statistics of existing single-family detached homes only. County sales data is not adjusted to account for seasonal factors that can influence home sales. Movements in sales prices should not be interpreted as changes in the cost of a standard home. The median price is where half sold for more and half sold for less; medians are more typical than average prices, which are skewed by a relatively small share of transactions at either the lower end or the upper end. Median prices can be influenced by changes in cost, as well as changes in the characteristics and the size of homes sold. The change in median prices should not be construed as actual price changes in specific homes.

*Sales-to-list-price ratio is an indicator that reflects the negotiation power of home buyers and home sellers under current market conditions. The ratio is calculated by dividing the final sales price of a property by its original list price and is expressed as a percentage. A sales-to-list ratio with 100 percent or above suggests that the property sold for more than the list price, and a ratio below 100 percent indicates that the price sold below the asking price.

**Price per square foot is a measure commonly used by real estate agents and brokers to determine how much a square foot of space a buyer will pay for a property. It is calculated as the sale price of the home divided by the number of finished square feet. C.A.R. currently tracks price-per-square foot statistics for 53 counties.

Leading the way…® in California real estate for nearly 120 years, the CALIFORNIA ASSOCIATION OF REALTORS® (www.car.org) is one of the largest state trade organizations in the United States with more than 200,000 members dedicated to the advancement of professionalism in real estate. C.A.R. is headquartered in Los Angeles.

November 2024 County Sales and Price Activity 
(Regional and condo sales data not seasonally adjusted)

November-24Median Sold Price of Existing Single-Family HomesSales
State/Region/CountyNov-24Oct-24Nov-23Price MTM% ChgPrice YTY% Chg Sales MTM% Chg Sales YTY% Chg
CA SFH (SAAR)$852,880$888,740$821,710r-4.0 %3.8 %1.1 %19.5 %
CA Condo/Townhomes$675,000$670,000$660,0000.7 %2.3 %-13.2 %13.8 %
Los Angeles Metro Area$822,000$835,720$785,000-1.6 %4.7 %-17.0 %6.8 %
Central Coast$1,030,000$990,000$955,0004.0 %7.9 %-17.9 %21.7 %
Central Valley$495,000$500,000$474,800-1.0 %4.3 %-14.5 %17.1 %
Far North$375,000$390,000$375,000-3.8 %0.0 %-11.3 %6.2 %
Inland Empire$600,000$599,000$567,5000.2 %5.7 %-13.7 %5.2 %
S.F. Bay Area$1,316,500$1,315,000$1,250,0000.1 %5.3 %-17.0 %14.0 %
Southern California$850,000$865,000$824,500-1.7 %3.1 %-16.5 %8.7 %
San Francisco Bay AreaNov-24Oct-24Nov-23Price MTM% ChgPrice YTY% Chg Sales MTM% Chg Sales YTY% Chg
Alameda$1,285,000$1,266,000$1,230,0001.5 %4.5 %-19.8 %7.9 %
Contra Costa$897,500$869,500$860,0003.2 %4.4 %-19.5 %12.0 %
Marin$1,625,000$1,700,000$1,649,500-4.4 %-1.5 %-29.8 %24.1 %
Napa$895,000$910,000$825,000-1.6 %8.5 %-21.1 %-1.8 %
San Francisco$1,598,000$1,750,000$1,535,000-8.7 %4.1 %-15.2 %7.8 %
San Mateo$2,194,000$2,000,000$1,805,0009.7 %21.6 %-13.5 %5.2 %
Santa Clara$1,931,050$1,990,000$1,717,500-3.0 %12.4 %-7.2 %28.2 %
Solano$597,000$603,000$570,000-1.0 %4.7 %-10.6 %12.0 %
Sonoma$805,000$826,710$793,620-2.6 %1.4 %-27.0 %17.5 %
Southern CaliforniaNov-24Oct-24Nov-23Price MTM% ChgPrice YTY% Chg Sales MTM% Chg Sales YTY% Chg
Imperial$387,500$389,990$385,330-0.6 %0.6 %-38.8 %-28.6 %
Los Angeles$937,030$956,210$897,990-2.0 %4.3 %-19.2 %6.2 %
Orange$1,375,000$1,350,000$1,300,0001.9 %5.8 %-16.9 %8.9 %
Riverside$628,000$635,000$610,400r-1.1 %2.9 %-11.1 %3.7 %
San Bernardino$510,000$499,000$455,000r2.2 %12.1 %-18.4 %2.6 %
San Diego$975,000$1,010,000$952,000-3.5 %2.4 %-13.8 %18.7 %
Ventura$912,000$940,000$902,500-3.0 %1.1 %-19.4 %15.2 %
Central CoastNov-24Oct-24Nov-23Price MTM% ChgPrice YTY% Chg Sales MTM% Chg Sales YTY% Chg
Monterey$930,000$919,840$944,0001.1 %-1.5 %-9.2 %3.2 %
San Luis Obispo$920,000$943,000$894,500-2.4 %2.9 %-26.1 %8.3 %
Santa Barbara$1,367,500$1,047,500$900,00030.5 %51.9 %-12.6 %36.9 %
Santa Cruz$1,307,500$1,325,000$1,300,000-1.3 %0.6 %-20.9 %60.6 %
Central ValleyNov-24Oct-24Nov-23Price MTM% ChgPrice YTY% Chg Sales MTM% Chg Sales YTY% Chg
Fresno$440,000$410,500$415,0007.2 %6.0 %-5.4 %17.0 %
Glenn$359,000$353,500$324,0001.6 %10.8 %-28.6 %-33.3 %
Kern$405,000$399,500$375,0001.4 %8.0 %-12.9 %9.3 %
Kings$367,500$340,000$355,0008.1 %3.5 %11.8 %21.3 %
Madera$415,000$438,000$414,500-5.3 %0.1 %-0.7 %36.0 %
Merced$415,000$412,000$367,5000.7 %12.9 %5.1 %38.3 %
Placer$649,490$649,200$659,0000.0 %-1.4 %-17.0 %23.5 %
Sacramento$550,500$550,000$522,2900.1 %5.4 %-17.9 %20.8 %
San Benito$825,920$820,000$782,5000.7 %5.5 %-26.3 %-12.5 %
San Joaquin$540,000$553,950$550,000-2.5 %-1.8 %-18.4 %23.1 %
Stanislaus$469,500$485,000$470,000-3.2 %-0.1 %-20.0 %8.6 %
Tulare$385,000$391,750$375,000-1.7 %2.7 %-20.4 %-2.9 %
Far NorthNov-24Oct-24Nov-23Price MTM% ChgPrice YTY% Chg Sales MTM% Chg Sales YTY% Chg
Butte$438,950$464,000$428,500-5.4 %2.4 %-5.1 %40.3 %
Lassen$252,160$282,500$170,000-10.7 %48.3 %33.3 %23.1 %
Plumas$385,000$377,500$400,0002.0 %-3.8 %-26.7 %-4.3 %
Shasta$357,250$379,000$367,500-5.7 %-2.8 %-13.1 %-7.3 %
Siskiyou$295,000$301,250$325,000-2.1 %-9.2 %-12.5 %29.6 %
Tehama$302,500$345,000$287,000-12.3 %5.4 %-20.0 %-23.1 %
Trinity$290,000$205,000$211,00041.5 %37.4 %-28.6 %25.0 %
Other CA CountiesNov-24Oct-24Nov-23Price MTM% ChgPrice YTY% Chg Sales MTM% Chg Sales YTY% Chg
Amador$420,000$440,000$403,000-4.5 %4.2 %0.0 %28.9 %
Calaveras$436,250$434,500$512,5000.4 %-14.9 %-39.5 %15.0 %
Del Norte$319,610$399,500$420,000-20.0 %-23.9 %-33.3 %9.1 %
El Dorado$653,120$664,000$650,000-1.6 %0.5 %-23.8 %12.8 %
Humboldt$455,000$435,000$430,7504.6 %5.6 %-4.5 %14.9 %
Lake$350,000$340,000$318,5002.9 %9.9 %-7.3 %15.9 %
Mariposa$405,000$465,000$320,000-12.9 %26.6 %-13.3 %44.4 %
Mendocino$491,500$516,000$532,000-4.7 %-7.6 %-43.4 %-6.3 %
Mono$912,500$970,000$985,000-5.9 %-7.4 %-27.3 %-46.7 %
Nevada$557,500$527,500$585,0005.7 %-4.7 %-11.3 %40.3 %
Sutter$435,000$439,000$397,000-0.9 %9.6 %13.3 %27.5 %
Tuolumne$405,000$425,000$381,250-4.7 %6.2 %3.3 %1.6 %
Yolo$573,000$612,500$620,000-6.4 %-7.6 %0.0 %-16.3 %
Yuba$430,000$435,620$461,320-1.3 %-6.8 %-23.2 %-8.6 %
               Note: “r” = revised

November 2024 County Unsold Inventory and Days on Market 
(Regional and condo sales data not seasonally adjusted)

November-24Unsold Inventory IndexMedian Time on Market
State/Region/CountyNov-24Oct-24Nov-23Nov-24Oct-24Nov-23
CA SFH (SAAR)3.33.12.926.025.021.0
CA Condo/Townhomes3.63.52.930.028.021.0
Los Angeles Metro Area3.63.43.129.028.023.0
Central Coast3.53.23.423.022.021.0
Central Valley3.23.13.225.024.020.0
Far North5.05.04.131.528.033.0
Inland Empire4.54.13.938.033.028.0
S.F. Bay Area2.02.11.820.018.017.0
Southern California3.53.33.028.027.021.0
San Francisco Bay AreaNov-24Oct-24Nov-23Nov-24Oct-24Nov-23
Alameda1.81.91.314.014.013.0
Contra Costa2.12.11.617.015.014.0
Marin2.12.02.263.553.048.5
Napa6.26.04.867.072.062.0
San Francisco1.41.71.739.036.047.5
San Mateo1.51.81.711.512.013.0
Santa Clara1.21.51.410.09.010.0
Solano3.02.92.743.045.031.0
Sonoma3.42.83.265.559.059.0
Southern CaliforniaNov-24Oct-24Nov-23Nov-24Oct-24Nov-23
Imperial3.82.1NA16.515.015.5
Los Angeles3.53.32.926.025.020.0
Orange2.72.62.327.027.020.0
Riverside4.54.13.7r38.034.032.0r
San Bernardino4.84.44.2r38.033.026.0r
San Diego2.92.82.520.020.015.0
Ventura2.92.62.738.033.025.0
Central CoastNov-24Oct-24Nov-23Nov-24Oct-24Nov-23
Monterey4.04.03.023.019.022.0
San Luis Obispo3.83.03.337.524.026.0
Santa Barbara3.13.13.521.522.014.0
Santa Cruz3.33.14.020.019.518.0
Central ValleyNov-24Oct-24Nov-23Nov-24Oct-24Nov-23
Fresno3.53.63.523.019.017.5
Glenn5.03.62.710.515.038.0
Kern3.23.12.823.023.018.0
Kings2.93.43.627.024.015.0
Madera4.34.76.239.038.036.0
Merced2.93.43.533.019.028.5
Placer3.03.03.027.029.024.0
Sacramento2.52.52.523.523.021.0
San Benito4.63.64.126.532.018.0
San Joaquin3.83.43.327.025.019.0
Stanislaus3.42.92.926.027.021.0
Tulare3.93.23.525.520.013.0
Far NorthNov-24Oct-24#Nov-23Nov-24Oct-24Nov-23
Butte3.23.44.025.521.020.0
Lassen5.98.67.655.554.519.0
Plumas6.45.84.793.045.549.0
Shasta5.04.63.823.527.033.0
Siskiyou5.76.20.054.047.041.0
Tehama6.55.94.741.042.058.5
Trinity17.814.424.372.033.076.0
Other Counties in CaliforniaNov-24Oct-24Nov-23Nov-24Oct-24Nov-23
Amador4.75.45.762.044.032.0
Calaveras7.65.15.543.559.023.5
Del Norte7.05.27.739.558.516.0
El Dorado4.54.14.443.041.532.0
Humboldt6.06.45.930.039.026.5
Lake7.77.98.566.039.036.5
Mariposa8.17.910.827.041.076.0
Mendocino11.06.69.6108.077.080.5
Mono2.92.51.5114.040.046.0
Nevada4.34.45.237.545.543.0
Sutter3.24.02.623.029.016.0
Tuolumne5.26.64.524.043.038.5
Yolo3.72.92.620.519.019.0
Yuba5.54.83.634.043.025.0

SOURCE CALIFORNIA ASSOCIATION OF REALTORS® (C.A.R.)

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