California housing market: a rollercoaster with a view

California’s home sales took a dip last month, tumbling down 5.8% from the year before. Think of it like riding Space Mountain after lunch – exciting, but maybe not for everyone. But hey, at least prices kept climbing 6.2% compared to last year, like that feeling when you reach the top and see the whole sparkly city.

If we look at previous month, the trend was already there. As of October 2023, California’s median home price is $840,360, a 0.4% decrease from September’s $843,340. The average California home value is $746,055, up 2.3% over the past year. 

Inventory, the ever-elusive creature everyone’s chasing, actually inched up a bit. Not because more houses popped up, mind you, but because fewer went flying off the shelf. Remember that limited edition toy you craved as a kid? Yeah, that’s kinda what California homes are these days.

Speaking of prices, they took a breather in November, dropping slightly from the previous month. Think of it as a quick pit stop before zooming towards the sunset (aka 6.2% annual increase!).

Active listings, the new kids on the block, kept taking a backseat for the eighth month in a row. They’re like shy party guests who prefer to watch the action from the corner. But hey, maybe December will be their month to shine!

So, what does this all mean? Buckle up, folks, because the California housing market is still a wild ride. But here’s the good news: even with the dips and dives, it’s definitely not a flatline.

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