Rising mortgage rates and a continued shortage of homes for sale impacted California home sales in August, resulting in the third consecutive month of decline. However, according to the California Association of Realtors (C.A.R.), this was accompanied by the state’s highest median home price gain in 14 months at 3%.
August’s annualized sales pace totaled 254,740 single-family homes – 5.3% lower than July’s revised 268,940 and 18.9% below that from a year ago – with all major regions recording double-digit declines on an annual basis as well as 11 months straight without surpassing 300K units sold statewide . The statewide median price rose from $832,400 to $859,800 between July and August respectively; up 3% from last year’s figure ($834 740). This is also 15 months since reaching its peak price ($893 200) back in May 2022 according to C.A
