Market Update

NATIONAL: HOME PRICE GROWTH PERSISTS IN OCTOBER

FROM INMAN 

Home prices soared once again in October, but offered more signs that the rate of growth may have peaked for now. Homes sold in October went for 19.1 percent more than they did in the same month last year, a mark that was slightly slower than those of the most recent few months, according to the latest S&P CoreLogic Case-Shiller index and the fourth-highest reading in the 34 years covered by S&P Dow Jones Indices. The top three were the three months immediately preceding October.

CALIFORNIA: MARKET DEFIES HIGHER INTEREST RATES AND INVENTORY CRUNCH IN NOVEMBER

FROM CALIFORNIA ASSOCIATION OF REALTORS®

Despite low housing inventory and higher interest rates, California’s housing market continued to log a strong sales pace in November and remained above pre-pandemic activity, the CALIFORNIA ASSOCIATION OF REALTORS® (C.A.R.) said. 

“As we move further into the off-peak home buying season, slowly rising interest rates will motivate savvy buyers to enter the market," said 2022 C.A.R. President Otto Catrina, a Bay Area real estate broker and REALTOR®. “With fewer active buyers in the market during the holidays, prospective buyers who may have taken a breather during the heated peak home buying months can take advantage of this window of opportunity when there’s less competition and more homes to choose from. Read more here.