IE Business Daily Business news for the Inland Empire.
Sales of existing, single-family detached homes in California totaled 414,860 in August, down 3.3 percent from July and down 10.9 percent from August 2020, according to the California Association of Realtors.
Statewide, the median price of a home was $827,940, up 2.1 percent from July and up 17.1 percent from August, the Los Angeles-based association reported.
Also in August, home sales in California were up 21.3 percent year-over-year.
The data regarding median prices and sales are taken from a survey of more than 90 realtor associations throughout the state. All of the data in the CAR’s monthly report is annualized, meaning it shows what would be the number of homes sold during 2021 if sales maintained the August pace throughout the year.
“The normalizing market and modestly improving housing inventory in the past few months have created an opportunity for homebuyers who sat out the highly competitive housing market seen over much of the past year,” said Dave Walsh, association president. “With the highest level of active listings in nearly a year, interest rates expected to stay consistently low, and a dip in multiple offers, now is a good time for discouraged buyers to get back into the game.”
