State home sales drop

Sales of existing single-family homes in California reached 270,200 in June, down 0.8 percent from May and down 2.7 percent year-over-year, according to a study.

Statewide, the median home price was $900,720, down 0.8 percent from May but up 7.5 percent, June 2023, the California Association of Realtors reported.

During the first six months of the year, were down 0.5 percent compared with the first six months of 2023.

The statewide annualized sales figure represents what would be the number of homes sold this year if sales maintained their June pace throughout the year. It takes into account seasonal factors that typically influence home sales.

“Home sales pulled back in June as interest rates remained volatile at the end of the second quarter,” said Jordan Levine, the association’s chief economist, in the statement. “While it will take a couple more reports for the Federal Reserve to begin cutting rates, housing affordability for qualified buyers should begin to see some improvement in the coming months.”

In the Inland Empire, single-family home sales in June were down 7.3 percent in June and 13.7 percent year-over-year, while the median price – $600,000 was up from $598,490 in May and $570,000 in June 2023, the association reported.