Existing single-family home sales totaled 279,810 in July on a seasonally adjusted annualized rate, up 3.6 percent from 270,200 in June and up 4.1 percent from 268,840 in July 2023. (CAR.org)

July’s statewide median home price was $886,560 down 1.6 percent from June and up 6.5 percent from $832,530 in July 2023 (CAR.org)

Year to date statewide home sales were up 0.2 percent. (CAR.org)

Due to the lowest rates since spring, California home sales reached a five month high.

“California’s housing market kicked off the second half of the year with a moderate increase in home sales in July as interest rates continued their downward trend.” said C.A.R’s President Melanie Barker

As Jordan Levine, Vice President and Chief Economist at C.A.R. points out, “This improvement in lower borrowing costs could motivate homebuyers on the sideline to reenter the market, especially since home prices began to soften at the tail end of the homebuying season.”

The Federal Reserve meets next week. It is widely anticipated that they will cut rates for the first time in two years.

Keeping you current is written by Michael Bloom, Realtor with The Agency and a Hidden Hills Resident since 1977.