California's homebuying market experienced a 19.5% year-over-year increase in November 2023, reaching a selling pace of 267,800 single-family homes, but remains historically low.
Despite the increase in sales pace, affordability issues continue to hinder many potential buyers, as California home sales are still significantly below the pre-pandemic rate of 400,000 annually.
The median sales price in November 2023 was $852,880, reflecting a 3.8% annual increase, highlighting the ongoing challenges buyers face in a high-price market.
Real estate outlook suggests a potential moderation in home prices in the coming months, with more buyers expected to enter the market as mortgage rates stabilize.
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