WSGVR
CONNECTION
Fall 2024 Where Members Come First!
California Home Sales Pull Back In August As Buyers Adopt “Wait & See” Strategy, C.A.R. Reports •
Existing, single-family home sales totaled 262,050 in August on a seasonally adjusted annualized rate, down 6.3 percent from 279,810 in July and up 2.8 percent from 254,820 in August 2023.
•
August’s statewide median home price was $888,740, up 0.2 percent from July and up 3.4 percent from $859,670 in August 2023.
•
Year-to-date statewide home sales edged up 0.5 percent.
LOS ANGELES (Sept. 17) – California home sales hit a seven-month low in August, as buyers held out despite interest rates that dipped to the lowest level since spring, the CALIFORNIA ASSOCIATION OF REALTORS® (C.A.R.) said today. Infographic: https://www.car.org/Global/Infographics/2024-08-Sales-andPrice Closed escrow sales of existing, single-family detached homes in California totaled a seasonally adjusted annualized rate of 262,050 in August, according to information collected by C.A.R. from more than 90 local REALTOR® associations and MLSs statewide. The statewide annualized sales figure represents what would be the total number of homes sold during 2024 if sales maintained the August pace throughout the year. It is adjusted to account for seasonal factors that typically influence home sales. August’s sales pace fell 6.3 percent from the 279,810 homes sold in July and were up 2.8 percent from a year ago, when a revised 254,820 homes were sold on an annualized basis. The sales pace has remained below the 300,000-threshold for 23 consecutive months, while year-to-date home sales edged up 0.5 percent from the first eight months of 2023. “Home price growth in California continued to moderate in August as the market neared the end of the traditional home buying season,” said C.A.R. President Melanie Barker, a Yosemite REALTOR®. “With the Federal Reserve signaling it will lower interest rates soon, mortgage rates are expected to ease well below their recent peaks. As such, housing affordability will improve in the fall, and buyers will benefit from lower costs of borrowing in the coming months.” August’s statewide median price was essentially flat, inching up 0.2 percent from $886,560 in July to $888,740 in August. California’s median home price was 3.4 percent higher than the revised $859,670 recorded in August 2023. The year-over-year gain was the 14th straight month of annual price increases, albeit the smallest since September 2023. Home prices could soften further in the coming months but should continue to register yearover-year growth for the rest of the year. Sales in higher-priced market segments continued to influence the mix of sales, but the impact on the state-wide median price growth has been
Cont’d on page 5