California housing market continues strong performance in October

LOS ANGELES (Nov. 15) – California’s housing market continued its momentum in October, posting strong year-over-year sales and price gains in nearly every county of the state, the CALIFORNIA ASSOCIATION OF REALTORS® (C.A.R.) reported.
  
“Sales surged to the highest level since May, with demand continuing to be strong across all parts of the state,” said 2013 C.A.R. President Don Faught.  “Sales were particularly robust in the coastal markets, but they also rose significantly in many non-metropolitan areas, as confidence toward the housing market continued to improve.  Most counties in the Northern California region, for example, posted double-digit year-over-year sales gains in October.” 
      
Closed escrow sales of existing, single-family detached homes in California totaled a seasonally adjusted annualized rate of 544,380 units, according to information collected by C.A.R. from more than 90 local REALTOR® associations and MLSs statewide.  Sales in October were up 12.5 percent from a revised 484,050 in September and up 10.2 percent from a revised 493,790 in October 2011.  The statewide sales figure represents what would be the total number of homes sold during 2012 if sales maintained the October pace throughout the year.  It is adjusted to account for seasonal factors that typically influence home sales. Read More

See 90803 Market Update for October 2012