On the surface the home sales market slowed in California in October as both statewide sales and median price contracted from the previous month,
But that wasn't the whole story. For the seventh consecutive month in California, homes sales surpassed the 400,000 level and posted higher year-to-year numbers for the ninth consecutive month, according to HousingWire's Brena Swanson.
The California Association of Realtors' President Ziggy Zicarelli claims the slowdown in October's home sales could be attributed to the "wait and see" approach that most buyers took due to the global economic uncertainty and financial turmoil that occurred in August and September:
"With job growth increasing the most since late 2014 and interest rates remaining below 4%, the demand for housing should continue to grow at a modest pace. Statewide sales are on track to finish the year with a mid-single-digit increase from last year,"
For more information on the housing market in California, head over to HousingWire: