Closed escrow sales of existing, single-family detached homes in California totaled a seasonally adjusted annualized rate of 376,480 units in November, down 5.3 percent from a revised 397,400 in October and down 3.4 percent from a revised 389,580 in November 2013 according to CALIFORNIA ASSOCIATION OF REALTORS® (C.A.R.).
“The declining sales-to-list price ratio suggests that mismatched expectations of home prices between sellers and buyers still exist in most markets, except for the Bay Area, where there’s a dearth of homes for sale,” said 2015 C.A.R. President Chris Kutzkey. “Prospective buyers facing affordability constraints recognize the slowing housing market and are looking for deals, while many sellers are still reluctant to adjust their listing prices to reflect the moderation of price gains in recent months.”
At the same time, the Census Bureau reports New Home Sales in November were at a seasonally adjusted annual rate (SAAR) of 438 thousand.
October sales were revised down from 458 thousand to 445 thousand, and September sales were unchanged at 455 thousand. Even with the increase in sales over the previous two years, new home sales are still close to the bottom for previous recessions.