State home sales drop year-over-year

Sales of existing single-family homes in California totaled 313,540 in August, up 6.1 percent from July but down 24.4 percent year-over-year, according to data released this week.

The median price of a single-family home statewide last month was $839,460 up 0.7 percent from July and up 1.4 percent from August 2021, the Los Angeles-based California Association of Realtors reported.

The sales figures were annualized, meaning they represent what would be the number of homes sold in 2022 if sales maintained their August pace throughout the year.

“California’s housing market stabilized briefly as a temporary reprieve on mortgage rates in July and early August brought buyers into the market,” said Otto Catrina, president of the association, in a statement. “Active listings have passed their annual peak, and while homes are taking slightly longer to sell, the share of homes seeing price reductions has also stabilized to near pre-pandemic levels.

“Price growth in August picked up on both a monthly and annual basis, and pending sales suggest a bounce-back for homes priced $2 million and above.”

In the Inland Empire, the median price of a single-family home was $565,500, down 1.7 percent from July but up 8.7 percent year-over-year, the association reported.