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8% Year Over Year Increase from Last October's Figures

California existing home sales and prices increase in October - The California Association of Realtors released its October  home sales report.  The number of existing homes sold in October totaled 442,970 on a seasonally adjusted annualized rate. That represented an increase of 4.1% from September and a year over year increase of 8% from last October's figures. The statewide median price was $513,520, up 1.2% from September and up 7.3% from last October when the median price was $478,780.  Inventorycontinues to be near record lows as the unsold inventory index slipped to a 3.4 month supply of homes listed in October from a 3.5 month supply in September. 



California pending home sales increase in October - The number of new home contracts on re-sale homes in California increased 1.5% in October from last October's numbers according to data released by The California Association of Realtors. On a monthly basis pending contracts were down 6.7% from September.  The Southern California region fared even better with October sales up 6.8% from last October and up 2.4% from September. The association uses year over year rather then month over comparisons to account for seasonal changes in sales numbers. Typically sales begin to slow heading into the holidays which makes comparing same month figures more accurate. Pending home sales figures are useful because they give an indication of what closed sales figures will be in 30 to 60 days when those sales close escrow. 


U.S. existing home sales hit the highest level since February 2007 - The National Association of Realtors reported that sales of existing homes increased 2% in October to an annual rate of 5.6 million homes, the highest level since February 2007.  Existing home sales are closed re-sales of single family detached homes, town homes, condominiums, and co-ops. Year over year the number of sales are up 5.9% from last October's levels. Prices were also up nationwide as the median price this October was 6% higher than October 2015. Pending home sales were also higher nationally increasing 2% year over year. 

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