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The California housing market experienced something of a stumble in July, according to new data released by the California Association of Realtors (CAR).
Last month, existing single-family home sales in California totaled 415,840 on a seasonally adjusted annualized rate, a 4.1 percent drop from June and a 5.1 percent plunge from July 2015. Year-to-date sales were down from the previous year for the first time in more than a year and a half by 0.3 percent. The statewide median home price of $509,830 was down 1.8 percent from June, but it was 3.9 percent higher on a year-over-year measurement. And the unsold inventory average registered 3.6 months in July, up from 3.2 months in June and 3.3 months in July 2015.
“Despite the tight housing supply conditions that have persisted over the past few years, home sales have stayed relatively solid,” said CAR President Pat “Ziggy” Zicarelli. “Even with a shortage of homes on the market, low rates and strong demand have been the norm. Some regions, such as the Bay Area, are seeing an uptick in inventory as high prices are motivating sellers to list their properties for sale. While this could ease the inventory somewhat, supply remains tight, and low affordability is expected to be an issue in the short term.”