Sales of existing single-family detached homes in California declined 3.5% in October to a seasonally adjusted annualized rate of 450,360, 19.6% below the pace recorded in October 2009, the California Association of Realtors reported Tuesday.
Prices also declined, with the median price for a single-family detached home at $304,220, down 1.8% from September's $309,720 revised median price. The October price remained 2.3% above the same month in 2009, howeve3r, marking 12 consecutive months of year-over-year price gains in the state.
Condo sales fell 4.1% from September and 22.4% from October, 2009, with the median price off 0.9% and 6.3%, respectively, at $250,540.
"We're really seeing two different housing markets--one at the lower-end driven by first-time buyers and investors, which is keeping prices stable, and one with nostalgic sellers who set unrealistic asking prices," said Leslie Appleton-Young, C.A.R. vp and chief economist.
C.A.R.'s Unsold Inventory Index for existing, single-family detached homes increased slightly to 6.5 months in October from 6.1 months in September. The index was 4.2 months in October 2009. The median number of days it took to sell a single-family home was 53.4 days in October 2010 compared with 34.1 days for the same period a year ago.