California home sales plunge to a 14-year low in October
California home sales plummet to the lowest level since 2008 and prices decline for the second consecutive month.
Two reports, one result: A lot more money is needed to buy a home in California
Higher mortgage rates are affecting home prices, but fewer buyers are able to afford a home as the monthly mortgage payment has increased by at least 33% in California.
MORTGAGE RATES:
6.61% vs. 3.10% a year ago
MEDIAN PRICE:
$801,190, up 0.3% from a year ago
DAYS ON THE MARKET:
23 days vs. 11 days a year ago
