IE Business Daily Business news for the Inland Empire.
Sales of single-family detached homes in California fell 31.1 percent year-over-year in July, the result of high prices and rising interest rates, according to data released today.
The state’s median home price – $833,910 – was up nearly three percent from exactly one year earlier, the California Association of Realtors reported in its monthly analysis of the state housing market.
“In the midst of the peak home-buying season, high home prices and rising interest rates depressed housing affordability to the lowest level in nearly 15 years, which in turn dampened home sales,” said association president Otto Catrina in the statement.
“However, buying opportunities remain in the coming months for those waiting on the sideline as more listings become available and rates stabilize.”
Two hundred ninety five thousand single-family homes were sold statewide last month.
California’s median home price in July was, $833,910, up 2.8 percent from July 2021.
In the Inland Empire, home sales were down 38.3 percent year-over-year, and the median home price – $575,000 – fell 8.7 percent during that time, the Los Angele trade association reported.
