According to the California Association of Realtors, lower interest rates helped home sales in August. (CAR.org)
Existing single-family home sales totaled 264,240 in July on a seasonally adjusted annualized rate, up 0.9 percent from 261,820 in July and down 0.2 percent from 264,640 in August 2024. (CAR.org)
August's statewide median home price was $889,140, up 1.7 percent from $884,050 in July and up 1.2 percent from $888,740 in August 2024. (CAR.org)
Year-to-date statewide home sales were up 0.4 percent. (CAR.org)
According to C.A.R.'s President, Heather Ozur,
"Despite a softer-than-expected home buying season this year, a bounce back in pending sales last month is an encouraging sign that sales could improve the rest of the year....Many prospective homebuyers have been holding out in hopes of lower mortgage rates, and the declining trend in rates observed in the last few weeks could be the nudge that draw them back to the market."
According to C.A.R.'s Senior Vice President and Chief Economist, Jordan Levine, "Soft sales demand led to a steady decline in California's median home price for three consecutive months through early summer."
Levine states, "However, with a slight uptick in the median price in August and a stabilization in the number of reduced-price listings last month, the market appears to have found a short-term balance between supply and demand. If mortgage rates maintain their current levels or decline further before year end, positive year-over-year growth may continue in the next few months "
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