Humboldt County home prices drop 7.5% in November
Home prices and sales dropped in Humboldt County in November compared to prices and sales in October.
Median prices for sold single-family homes dropped from $ 379,500 in October to $351,000, a drop of 7.5%, according to the most recent data from the California Association of Realtors. Sales of single family homes from October to November dropped 15.8%, according to the data.
Despite that, the number of sales were up 3.2% and prices were up 7% compared to November of the past year.
“Home-buying interest is at levels that we have not seen for years, setting the stage for a strongerthan- expected comeback that fully recovered all the sales that the market lost in the first half of the year due to the pandemic,” Dave Walsh, the association’s 2021 president and vice president and manager of the Compass San Jose office, said in a statement. “Housing supply remains an issue, however, as we will likely to see a shortage of homes for sale in the near term, which will put upward pressure on prices and dampen affordability for those who haven’t been able to take advantage of low rates.”
Statewide single-family home sales rose 5% in November compared to October and 26.3% compared to November 2019, according to the association.
Statewide price trends in November tracked with those of Humboldt County, dipping 1.7% compared to the prior month while showing an 18.5% increase compared to the year before.
Meanwhile, the number of homes on the market in the county and across the state dropped, which the association attributed to
“a resurgence in COVID-19 cases in recent weeks and the market entering the traditional holiday season,” according to an association press release.
The associat ion’s monthly Consumer Housing Sentiment Index also found the number of consumers who thought it was a good time to sell their homes in December fell from 59% in October to 55% in November, though it was up from 51% in November 2019.
The same index found 27% of consumers believe it’s a good time to buy a home resulting from low interest rates, according to the association’s press release.
The median number of days single-family homes were on the market in the county dropped from 32 in November 2019 to 12.5 days during the past November, according to association data. It was 13.5 in October.
Across the state, the median number dropped from 25 in November 2019 to nine during the past November, which is “the lowest ever recorded,” according to the association’s press release.
“California’s housing market continues to be the bright spot in the economy, but the direction and pace of the recovery will hinge on the coronavirus pandemic and the distribution of the vaccine in the coming months,” the association’s Senior Vice President and Chief Economist Leslie Appleton-Young said in a statement. “The rise in COVID-19 cases and tighter constraints on economic activity recently imposed will likely have implications for the housing market as renters and homeowners face adverse impacts to their incomes, which is why Congress should pass additional relief for renters, homeowners, and workers as soon as possible.”