IE Business Daily Business news for the Inland Empire.
Single-family home sales dropped in California during August, in part because of rising prices.
Sales of single-family detached homes totaled 394,280 units in August, the second-highest sales month so far this year, according to a report released today by the California Association of Realtors in Los Angeles.
However, that marked a 9.3 percent year-over-year drop and a 1.2 percent decline compared with July. It was also the 10th consecutive time that sales were below 400,000 and the13th straight month that sales were down compared with the previous year, the report stated.
At the same time, the median price of a home in California last month rose to $480,280, up 8.9 percent compared with August 2013 and up 3.3 percent in July, according to the report.
“[The] housing supply is improving across all price ranges, as would-be sellers may be seeing [the rise in prices] as an opportunity to list their homes for sale,” said Kevin Brown, association president, in a statement.
The association’s monthly report is based on data provided by more than 90 realtors and listing services throughout the state.
