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News & Updates Continued...

 U.S. existing home sales - The National Association of Realtors reported that existing home sales totaled 6.69 million on a seasonally-adjusted annualized rate. Year-over-year that marked a 25.8% increase over the 5.32 million units sold on a seasonally-adjusted annualized rate in November 2019. The median price also increased to 14.6% year-over-year to $310,800 from $271,300 last November. That marked the 105th straight month of year-over-year increases in the median price. The median price figure includes all housing types: single-family, condominiums, townhomes, and co-ops. Unsold housing inventory sits at an all-time low of a 2.3-month supply, down from 2.5-month supply one year ago. 

California existing home sales - The California Association of Realtors reported that existing, single-family home sales totaled 508,820 on an annualized basis in November.  That represented a year-over-year increase of 26.3% from the number of homes sold in November 2019 when single-family home sales totaled 402,880 on an annualized basis. It was the first time that monthly home sales exceeded 500,000 units on an annualized basis in 11 years, and the most homes ever sold in November. Home sales are homes that closed escrow. Pending home sales are new contracts signed. Those are at near-record levels as well. The median price paid for a home in California was $699,000, up 18.5% from the median price last November. Inventory levels were lower than one year ago. There was just a 1.9-month supply of homes for sale in November, down from a 3.1-month supply one year ago. The current supply of homes was almost unchanged from September and October, as a record number of new listings were taken in November but sold quickly.