Closed escrow sales of existing, single-family detached homes in California totaled a seasonally adjusted annualized rate of 387,520 units in November, according to information collected by C.A.R. from more than 90 local REALTOR® associations and MLSs statewide.
"A run-up in home prices, coupled with higher interest rates, put downward pressure on housing affordability and led to the fourth straight month of sales declines in November, the CALIFORNIA ASSOCIATION OF REALTORS® (C.A.R.) reported.
“Improving home prices are a double-edged sword for the housing market. While welcomed news for homeowners and prospective sellers, diminished affordability is squeezing out many buyers and dampening their enthusiasm for home purchasing,” said 2014 C.A.R. President Kevin Brown. “Buyers are playing the waiting game and putting their home search on hold until prices stabilize and more inventory becomes available in the market.”
Sales in November were down 3.4 percent from a revised 401,000 in October and down 12 percent from a revised 440,250 in November 2012. The November 2013 figure was the lowest since July 2010. The statewide sales figure represents what would be the total number of homes sold during 2013 if sales maintained the November pace throughout the year. It is adjusted to account for seasonal factors that typically influence home sales."
This Report was courtesy of the OCAR, Orange County Association of Realtors - Thanks Guys,