Home sales were not so golden around California last month. According to the California Association of Realtors, existing-home sales across the state were down 14.4 percent compared to the month prior and down 31.1 percent from July 2021.
July marked the fourth consecutive monthly decline and the 13th straight annual decline.
Also down, the statewide median home price, dropping 3.5 percent from June and up 2.8 percent percent from July 2021. The median home price in California now stands at $833,910. (As we reported earlier, lacking in affordability for most residents.)
“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 CAR President Otto Catrina. “However, buying opportunities remain in the coming months for those who have been waiting on the sideline as more listings become available, competition continues to cool off and rates begin to stabilize.”
At the regional level, sales continued to decline sharply with three of the five major regions dropping more than 30 percent from last year. The Central Coast region experienced the biggest drop of all regions, with sales plummeting 37.3 percent from a year ago.
The San Francisco Bay Area followed closely with the second largest decline ( down 37.2 percent), while SoCal recorded a 36.9 percent drop from July 2021.
Stay tuned for our in-depth regional breakdowns for Northern and Southern California on Thursday morning at californialistings.com