BAP Blog C.A.R. releases September Sales and Price Report

Heightened economic uncertainty has contributed to a decrease in California home sales in September, according to data from the CALIFORNIA ASSOCIATION OF REALTORS® (C.A.R.). However, September home sales posted higher on a year-to-year basis for the third consecutive month and remain at stable levels. Closed escrow sales of existing, single-family detached homes in California fell to a seasonally adjusted 487,940 units in September, down 2.1 percent from a revised 498,320 in August, according to information collected by C.A.R. from more than 90 local REALTOR® associations and MLSs statewide. However, September home sales were up 4.1 percent from the revised 468,700 units sold during the like period a year ago. The statewide sales figure represents what would be the total number of homes sold during 2011 if sales maintained the September pace throughout the year. It is adjusted to account for seasonal factors that typically influence home sales. The September statewide median price of an existing, single-family detached home sold in California was $287,440, down 3.2 percent from a revised $297,060 in August and down 8.3 percent from the $313,460 median price recorded for September 2010. Other key facts of C.A.R.’s resale housing report for September 2011 include: The Unsold Inventory Index for existing, single-family detached homes was 5.1 months in September, essentially unchanged from 5.0 months in August but down from a revised 5.9 months in September 2010. The index indicates the number of months needed to deplete the supply of homes on the market at the current sales rate. Thirty-year fixed-mortgage interest rates averaged 4.11 percent during September 2011, down from 4.35 percent in September 2010, according to Freddie Mac. Adjustable-mortgage interest rates averaged 2.84 percent in July 2011, compared with 3.46 percent in September 2010. The median number of days it took to sell a single-family home was 54.4 days in September 2011, compared with 50.3 days for the same period a year ago.