Existing home sales post modest increase in September

October 18, 2016

 

home saleLOS ANGELES — Existing home sales in California bumped up on a year-to-year basis in September. It was the first such year-to-year increase in seven months.

Sales of existing  homes hit a seasonally adjusted total 425,680 units in September according to the California Association of Realtors. That figure was up 1.3 percent from August and up 0.8 percent compared with home sales in September, 2015. It was the sixth-straight month that statewide sales remained above the 400,000 mark.

“With listings continuing to decline and demand still strong, especially at the lower end of the market, affordability will remain a challenge for would-be buyers,” C.A.R. President Pat “Ziggy” Zicarelli said in a release.

The Central Valley remained one of the most affordable regions of the state. A median priced home ran from $214,000 in Merced County to $322,000 in San Joaquin County. Home buyers in Stanislaus County paid a median price of $270,000. Each of those counties saw a median price drop ranging from 2.4 percent in Merced to 1 percent in Stanislaus and San Joaquin counties from August prices.

Central Valley median prices are still well above their mark one year ago. San Joaquin County’s median price is up 9.2 percent form last year while Stanislaus County registered a 7.1 percent increase. Median prices in Merced County were up 4.4 percent from one year ago.

The statewide median price dropped 2.3 percent from August to $514,320, but stayed above the $500,000 mark for the sixth straight month. Statewide prices were still 6.1 percent above the prices seen one year ago.

The median sales price is the point at which half of homes sold for more and half sold for less. The monthly price decline is primarily due to seasonal factors.

The Bay Area was still the most expensive region of the state. San Mateo’s median price stood at $1.29 million followed closely by San Francisco at $1.218 million.

Leave a Reply

Your email address will not be published. Required fields are marked *