California home sales slow in August

Sales of existing single-family homes in California totaled 262,050 in August, down 6.3 percent month-over-month but up 2.8 percent year-over-year, according to data released Tuesday.

Statewide, the median price of a single-family home was $888,740, up 0.2 percent from July and up 3.4 percent in August 2023, when the median price was $859,670, the California Association of Realtors reported.

During the first eight months of the year, home sales throughout California were up only half a percent, the association reported.

The statewide sales figures are annualized, meaning they show what would be the number of homes sold in 2024 if sales maintained their August pace throughout the year. They allow for seasonal factors that usually impact the housing market.

“Despite a slightly better lending environment in recent weeks, closed home sales pulled back in August as buyers evaluated whether to wait for the Federal Reserve to cut rates before entering the market,” said Jordan Levine, the association’s chief economist, in a statement. “But pending sales, along with mortgage application trends, suggest that housing demand has been slowly improving in the past few weeks.”

In the Inland Empire, August homes sales were down 7.1 percent month-over-month and 3.4 percent year-over-year, while the median price – $600,000 – was down 2.5 percent from July but up 2.7 percent from one year earlier, the association reported.