California Home Sales Weak in October

Nonconforming

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October housing sales figures in California remained tepid despite the lowest mortgage rates in 18 months, according to a new report from the California Association of Realtors.

Sales for the month dropped 1.9% from the same time last year, though the median price of homes in the state rose 5.4% to $450,620.

Inventory supply rose slightly over the year, up half a month from last year to 3.8 months needed to sell what’s on the market at current sales rates. The median amount of days it took to sell a single-family home was 41.9 days, eight and half days longer than a year ago.

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