Home Sales in California Hit 14-Year Low as High Prices and Rates Deter Buyers
• Home sales in California plunged to lowest level since 2008 financial crisis in November 2022 • Sales dropped 7.4% from October and 25.9% year-to-date amid high mortgage rates and home prices • Lack of inventory has kept home prices high, though some urban areas saw 10%+ price declines • Decline in mortgage rates and momentum in prices could motivate more sellers in Spring 2023 • California market optimism November's annual home sales decline smallest in last 20 months