Saturday , June 22 2024

State home sales decline

Single-family home sales in California totaled 269,180 in July, down three percent month-over-month and nine percent from exactly one year earlier, according to a recent report.

Statewide, the median price of a single-family home last month was $832,340, down slightly from June but up 0.2 percent year-over-year, the first increase in that category since October, the California Association of Realtors reported.

Although modest, the annual price increase happened during a time when interest rates were rising, a slightly encouraging sign, the report noted.

“Despite slowing home sales in the past couple of months, housing demand remains resilient, and the market continues to be competitive,” said Jennifer Branchini, president of the non-profit association, in a statement.

“Many in the market aspire to become homeowners and are  looking to buy, but the shortage of homes for sale, and elevated mortgage rates, remain challenging headwinds for them.”

The nine percent sales drop was the smallest since April 2022. It was also the first time in more than a year that sales fell less than 10 percent from the previous year.

The statewide sales number are annualized, meaning they represent what would be the total number of homes sold during 2023 if sales maintained their July pace. They are also seasonally adjusted.

In the Inland Empire, single-family home sales were up 0.9 percent from June and were unchanged year-over-year, with declines of 19.7 percent and 18.4 percent, respectively. The median price of a single-family home in Riverside and  San Bernardino counties – $575,000 – was unchanged from June of this year and July 2022, the association reported.

 

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