From East to West Reeds Are The Best!
The lowest mortgage rates in 18 months failed to spark the California housing market in October as sales stayed flat and home prices increased at the slowest pace since early 2012, according to the CALIFORNIA ASSOCIATION OF REALTORS® (C.A.R.).
Sales in October were unchanged from a revised 396,400 in September but were down 1.9 percent from a revised 404,000 in October 2013. October marked a full year that sales were below the 400,000 level. The statewide sales figure represents what would be the total number of homes sold during 2014 if sales maintained the October pace throughout the year.
The median price of an existing, single-family detached California home decreased 2.3 percent from September’s median price of $461,370 to $450,620 in October but was up 5.4 percent from the revised $427,540 recorded in October 2013. The statewide median home price has been higher on a year-over-year basis for more than two years.
Rich & Annie Reed
CalBRE# 01906230 & 01894384