California Real Estate: Back in the Fast Lane

Home sales rebound with record-breaking price gains and renewed buyer momentum.

California home sales staged a strong comeback in October, snapping a two-month losing streak and achieving the fastest year-over-year sales pace in over three years, according to the California Association of REALTORS® (C.A.R.). This resurgence highlights a market that refuses to sit still, even as broader economic conditions continue to challenge consumers.

Sales in October climbed 4.7% from September and soared 9.5% compared to October 2023, marking the highest annual growth in 40 months. While part of this rebound stems from 2023’s unusually low sales numbers—when the market took a 12% dip—this momentum suggests a deeper resilience among California buyers.

“Market conditions might still be warming up slower than some had hoped, but October’s recovery proves that motivated buyers are still out there, ready to make moves,” said 2025 C.A.R. President Heather Ozur, a Palm Springs REALTOR®.

The market didn’t just see an increase in activity—it also saw serious price growth. October’s statewide median home price jumped 2.4% from $868,150 in September to $888,740, representing a 5.8% leap over October 2023’s revised figure of $839,990. This monthly increase wasn’t just strong—it was historic, marking the sharpest September-to-October price gain in 45 years. Year-over-year price growth has now notched its 16th straight month, reinforcing the strength of California’s real estate market.

Looking ahead, seasonal trends may cool the pace temporarily as we enter the traditional off-season, but the outlook remains bullish. Year-over-year price gains are expected to continue, even if the rate of growth eases slightly.

“With the election season behind us and the Federal Reserve cutting rates earlier this month, some buyers are seizing the moment during this seasonal lull. While rates are likely to decline gradually, creating some headwinds for affordability, October’s double-digit jump in pending sales suggests that the market is primed for a strong close to the year. ” explained C.A.R. Senior VP and Chief Economist Jordan Levine.

Bottom line: California real estate is flexing its strength again. Whether you’re a buyer or seller, the game is on—so strategize accordingly and make your move before the momentum carries us into 2025.

And now for the latest data on Los Angeles County real estate trends:

Single family homes  |  Los Angeles County | October 2024

New Listings: 4,169 (Up 3.78% year over year)

Homes Sold: 2,995 (Up 11.84% year over year)

Median List Price: $988,000 (Up 6.81% year over year)

Median Sales Price: $998,888 (Up 6.39% year over year)

Median Days on Market:  20 (Up 25% year over year)

Average List Price: $1,412,990 (Up 3.18% year over year)

Average Sales Price: $1,398,849 (Up 2.8% year over year)

Average Days on Market: 34 (Up 13.33% year over year)

List/Sell Price Ratio: 100.6% (Down .62% year over year)

Condo homes  | Los Angeles County | October 2024

New Listings: 1,594 (Up 6.41% year over year)

Homes Sold: 1,133 (Up 20.79% year over year)

Median List Price: $699,000 (Up .58% year over year)

Median Sales Price: $700,000 (Up .72% year over year)

Median Days on Market: 25 (Up 47.06% year over year)

Average List Price:  $889,887 (Up 3.22% year over year)

Average Sales Price: $881,773 (Up 2.77% year over year)

Average Days on Market: 41 (Up 28.13% year over year)

List/Sell Price Ratio: 99.8% (Down .57% year over year)