California home sales in October remained flat due to high borrowing costs and limited housing inventory. Existing, single-family home sales totaled 241,770, a slight increase from September but a decrease of 11.9% compared to October 2022. The statewide median home price was $840,360, down 0.4% from September but up 5.3% from October 2022. Year-to-date home sales were down 27.2% in October. The decline in sales is expected to continue due to elevated interest rates, but recent factors favoring buyers, such as longer time on the market and fewer homes selling over list price, may motivate more sellers to offer concessions.
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