"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. Sales over the past three years averaged 26,428 per month - 31% below the pace of the previous 18 years."
"Mortgage rates averaged 6.3% in the three months ended in November, according to Freddie Mac. That's down from 6.5% a year earlier and the recent peak of 7.4% in November 2022, when the national economy was overheated. Previously, rates tumbled to 2.73% in January 2021 when coronavirus darkened economic prospects. In affordability-challenged California, why didn't the year-end rate dip boost sales? Well, cheaper financing can be tied to awobbly business climate. Economic uncertainty is not good for homebuying."
"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. Yes, California's buying burden is 9% below its peak in June 2024. However, payments are also up 94% over the past six years. This math does not include other recurring ownership costs, such as property taxes, insurance, maintenance, or association fees. Also, keep in mind the $147,000 down payment needed to make this deal work."
California home sales in November totaled 23,317 existing and newly built houses and condos, down 8% year-over-year and 30% below the long-run average. Three-year monthly sales averaged 26,428, 31% below the prior 18-year pace. Mortgage rates averaged 6.3% in the three months ended November, down from last year but far above 2021 lows. The statewide median sales price was $735,000, up 0.3% year-over-year and near the June 2025 peak. Estimated mortgage payments at that median hit $3,632 monthly, with payments up 94% over six years and a typical $147,000 down payment.
Read at The Mercury News
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