California’s housing market continued to recover in July as home sales climbed to their highest level in nearly three years, according to the California Association of Realtors. New data also pointed to record-high median home price.
Per the CAR, July’s statewide median home price was $666,320, an increase of 6.4 percent from June and up 9.6 percent from July 2019. Existing, single-family home sales totaled 437,890 in July on a seasonally adjusted annualized rate, up 28.8 percent from June and up 6.4 percent from July 2019. Also worth noting that July’s total home sales topped 400,000 for the first time since February 2020, notably pre-COVID crisis hit the west coast.
World Property Journal also points out that homes priced under $500,000—44 percent of total sales in the California market in June 2020—only comprised 40 percent of all sales in July 2020. However, sales of million-dollar properties increased to 20.4 percent in July, compared to 18.1 percent in June 2020.
Sales were particularly strong in the Central Coast region, which posted a 21.9 percent gain, followed by the San Francisco Bay at 14.8 percent, 6.6 percent increase in the Central Valley and 5.4 percent in Southern California.