"California homebuying fell to its second-lowest level for a November in 21 years, despite mortgage rates at their lowest in three years. Statewide, 23,317 existing and newly built homes houses and condos were sold, according to Attom data dating to 2005. This broad tally of sales is down 8% over 12 months and 30% below average. It's no short-run slip."
"$735,000 median sales price for November was up 0.3% in a year and sits just 2% below the $751,000 peak set in June 2025. The good news for house hunters is that appreciation has cooled. Home prices are up 9% during the past three years vs. 32% gains in 2019-2022. Payment pain Who's got $3,632 a month to buy a home? That's an estimated mortgage payment a buyer would get at November's median price even with the cheapest rates since 2022."
California existing and newly built home sales totaled 23,317 in November, down 8% year-over-year and 30% below the long-run average, the second-lowest November in 21 years. Three-year monthly sales averaged 26,428, about 31% below the prior 18-year pace. Mortgage rates averaged 6.3% in the three months ending November, lower than a year earlier but well above pandemic lows. The $735,000 median sales price was up 0.3% year-over-year and roughly 2% below the June 2025 peak. Home prices rose 9% over three years versus 32% from 2019–2022. Estimated median mortgage payments were $3,632 monthly, payments are up 94% over six years, and an estimated $147,000 down payment was needed, excluding other ownership costs.
Read at www.ocregister.com
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