LOS ANGELES (Nov. 15) – California home sales posted a marginal increase in October and also were above year-ago levels, according to figures released today from the CALIFORNIA ASSOCIATION OF REALTORS® (C.A.R.).
Closed escrow sales of existing, single-family detached homes in California edged up to a seasonally adjusted 493,240 units in October, up 0.9 percent from a revised 488,700 in September. October home sales also were up 8.5 percent from the revised 454,740 units sold during the like period a year ago.
“Based on preliminary analysis, it appears that the lower conforming loan limits has had a cooling effect on home sales in October, particularly in the higher cost markets across the state, such as the San Francisco Bay Area and coastal regions of Southern California,” said C.A.R. President LeFrancis Arnold.
The October statewide median price of an existing, single-family detached home sold in California was $278,060, down 3.3 percent from $287,440 in September and down 8.9 percent from the $305,150 median price recorded for October 2010.
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