Rising mortgage rates and a continued shortage of homes for sale blunted California home sales for the third straight month in August, while the statewide median home price registered its biggest year-over-year gain in 14 months, the California Association of Realtors (C.A.R.) said Monday.
August’s annualized sales pace of 254,740 single-family homes was down 5.3% on a monthly basis from a revised 268,940 in July and down 18.9% from a year ago. Sales of existing single-family homes in California remained below the 300,000-unit pace for the 11th month in a row, and all major regions recorded double-digits sales declines in August on a year-over-year basis.
Meanwhile, California’s statewide median price climbed 3.3% from July’s revised $832,400 to $859,800 in August and rose 3% from $834,740 a year ago. August’s median price was the highest in 15 months and the highest since California reached its peak price of $893,200 in May 2022, according to C.A.R.
The post California Home Prices Post Biggest Gain in 15 Months appeared first on Connect CRE.
Rising mortgage rates and a continued shortage of homes for sale blunted California home sales for the third straight month in August, while the statewide median home price registered its biggest year-over-year gain in 14 months, the California Association of Realtors (C.A.R.) said Monday. August’s annualized sales pace of 254,740 single-family homes was down 5.3% on a monthly basis …
The post California Home Prices Post Biggest Gain in 15 Months appeared first on Connect CRE.
Robert Khodadadian has long had a simple philosophy about selling real estate. There are approximately a million buildings in the city, and the broker that gets to sell any one among the multitude that will hit the auctioning block at a given moment is, sometimes, simply the person who happens to pitch their services to the right seller.
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