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California Home Sales Dip to 16-Year Low: A Perspective from the Tahoe Real Estate Team
Dated: December 27 2023
Last week, the California Association of Realtors (C.A.R.) reported a significant statewide drop in existing home sales for November, marking the largest monthly decline within the past year. The elevated borrowing costs have been identified as a key factor in this downturn.
In November, existing single-family home sales totaled a seasonally adjusted annualized rate of 223,940. This figure is a decrease of 7.4 percent from October and 5.8 percent lower than November of the previous year.
The statewide median home price for November stood at $822,200, a fall of 2.2 percent from October. However, it still demonstrates a 6.2 percent year-on-year increase from November 2022. Despite this, the year-to-date statewide home sales for November witnessed a significant drop of 25.9 percent.
Stay connected to our blog for more updates and insights into the real estate market in California and South Lake Tahoe. As the Tahoe Real Estate Team, we are committed to providing the most accurate and timely information to help guide you through your home buying or selling journey.
Co-Owner of RE/MAX Tahoe Realty Today, 2009 Broker Representative for STAOR, 2008 Community and PR Chair for STAOR, 2007 Grievance Committee Member, 2005 Vice President of the Board of Realtors, 2004 ....
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