In the Sacramento area, the sales of existing homes during November were down 25% from November of last year. Sales in October had dropped 17%. Just in that 60-day period, the median price slipped 1% … so the seemingly endless string of monthly price increases came to an end.
Nevertheless, existing homes are on average fetching 10% more than at the end of 2004.
Those local results are worse than the statewide averages also reported by the California Association of Realtors. But overall, there’s a decided slowdown within the Golden State. The Association believes that the steady rise in mortgage interest rates is certainly a factor.