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Update From California REALTORS ® Association
According to the California Realtors Association December issue of Newsline--
Home Prices Remain Unchanged, Home Sales Decline in November
Despite home prices remaining steady, the number of homes sold declined 21 percent in November, according to the latest Real-Time Housing Market Tracker from Redfin.
The decrease in sales was not due to absent buyers, who often pause their home search during the holidays, but to too few sellers putting their homes on the market.
A month-over-month decline in homes for sale this time of year is typical, so a 27.7 percent drop in new listings from October was not a surprise. What is surprising is that the total number of homes on the market in November was down 1.5 percent from last year, the first year-over-year drop in inventory in 2014.
Even as sales have declined, the median sale price has remained at approximately $274,000 for the past three months, unlike last year when prices decreased between September and November. Year over year, the median sale price increased 6.2 percent in November.
The steady price growth of 2014 could turn into good news for buyers in 2015 as the supply of homes priced under $300,000 is likely to increase. That’s because price growth in the low to middle price range has translated into increased equity for a large swath of homeowners, who will be in a position to sell in 2015