Rising prices, falling affordability shrink CA home sales in November

Posted by BoNhia Lee on December 18, 2013 

Rising home prices and diminishing housing affordability pulled home sales down across California last month.

It seems homebuyers are waiting for prices to stabilize and for more inventory to become available before buying, according to a monthly housing report from the California Association of Realtors.

In Fresno County, home sales fell nearly 19% in November compared to the month before. But home prices continued to increase as demand among buyers remained strong.

The median home price of an existing single-family house in Fresno increased to $193,020 last month from $182,620 in October. A year ago, the median home price was $148,240.

“Improving home prices are a double-edged sword for the housing market,” said Kevin Brown, the 2014 association president. “While welcomed news for homeowners and prospective sellers, diminished affordability is squeezing out many buyers and dampening their enthusiasm for home purchasing.”

Madera County saw the steepest decline in home sales, by 44%, in November while Kings and Tulare counties both saw a 7% and 8% decline, respectively.

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