California housing market continues strong performance in October 2012.
LOS ANGELES (Nov. 15, 2012) – California’s housing market continued its momentum in October, posting strong year-over-year sales and price gains in nearly every county of the state, the CALIFORNIA ASSOCIATION OF REALTORS® (C.A.R.) reported.
“Sales surged to the highest level since May, with demand continuing to be strong across all parts of the state,” said 2013 C.A.R. President Don Faught. “Sales were particularly robust in the coastal markets, but they also rose significantly in many non-metropolitan areas, as confidence toward the housing market continued to improve. Most counties in the Northern California region, for example, posted double-digit year-over-year sales gains in October.”
Sales in October were up 12.5 percent from September and up 10.2 percent October 2011.
October’s price was up 23 percent from October 2011, marking the eighth consecutive month of annual price increases and the fourth consecutive month of double-digit annual gains. The year-to-year increase was the largest since May 2010.
Other key facts of C.A.R.’s October 2012 resale housing report include:
- Interest rates dipped further in October, with the 30-year fixed-mortgage interest rate averaging 3.38 percent during October 2012, down from 3.47 percent in September, and down from 4.07 percent in October 2011, according to Freddie Mac.
- Homes continued to sell at a faster pace in October, with the median number of days it took to sell a single-family home falling to 38 days in October 2012 from 39.3 days in September and down from a revised 55.1 days for the same period a year ago.