CoreLogic's Andrew LePage looks at the golden selling summer in California as the state reached a nine-year high in summertime home sales, capped by a 13% year-over-year rise in September.
In all, about 40,990 new and existing homes and condos were sold in the Golden State in September alone, giving the market more than a soft landing heading into the fall. The average drop off in sales from August to September in the state was 9.2% historically--but this year, it was down just 0.8% month-over-month in September.
Sales this summer – June through September – totaled 175,397, up 13.6 percent year over year and the highest for that four-month period since the summer of 2006, when 205,214 homes sold.
The combination of rising demand and a relatively thin supply of homes for sale has kept upward pressure on California home prices, which have been rising on a year-over-year basis for around three and a half years. The median price paid for a California home in September 2015 was $406,000, down 0.6 percent from $408,500 in August and up 5.5 percent from $385,000 in September 2014. That’s roughly in line with the most recent results from the CoreLogic Home Price Index (HPI), which shows California home values rose 6.8 percent year over year in August.