November California Home Sales Lowest Since Great Recession

California home sales hit a 16-year low in November, the lowest since the Great Recession, according to the California Association of Realtors. According to a Dec. 19 press release from the association, the 223,940 single-family homes sold statewide last month was a 25.9 percent drop since the start of the year, a 7.4 percent decline compared to October, and a 5.8 percent drop versus November 2022. Association President Melanie Barker said the low sales were due to high interest rates—around 7.44 percent for a 30-year-fixed mortgage—and a lack of inventory. But she said recent drops in rates plus speculation the Federal Reserve may cut rates next year could lead to more home sales in 2024....