IE Business Daily Business news for the Inland Empire.
Sales of existing, single-family detached homes in California totaled 428,980 in July, the California Association of Realtors reported Monday.
That figure, taken from more than 90 commercial real estate brokerages and multiple listing services statewide, was down 1.6 percent from June and two percent year-over-year, according to the Los Angeles-based association.
The statewide median home price last month was $811,170, down one percent from June and up 21.7 percent from July 2020. Sales during the first seven months of the year were up 27.3 percent, a sign of how badly COVID-19 damaged the state housing market.
California’s housing market, which was red-hot for about one year, has now cooled somewhat during the past three months, said Dave Walsh, association president.
“The California housing market continues to normalize from the white-hot conditions we experienced at the height of the pandemic with both sales and prices moderating as we slowly transition from the peak home-buying season into the fall,” Walsh said in a statement. “The market remains solid, however, as sales were still the second-highest level for a July in the last six years, and the statewide median price continues to perform above last year’s level by double-digits.”
The association’s statewide sales figures are seasonally adjusted. They reflect the number of homes sold in 2021 if sales maintained their July pace through December.
