Skip to main content

California Median Home Price Drops by 1.9 Percent

Phil Hall
Aug 17, 2018
Sales of existing single-family homes in California dropped by 0.9 percent from June to July, according to data from the California Association of Realtors (CAR)

Sales of existing single-family homes in California dropped by 0.9 percent from June to July, according to data from the California Association of Realtors (CAR). The 406,920 sold in July were lower than the 410,800 level in the previous month, and were down 3.4 percent from the 421,460 sales one year earlier. The statewide median home price was $591,460 in July, down 1.9 percent from $602,760 in June and up 7.6 percent from a revised $549,470 in July 2017.
 
On a non-seasonally adjusted basis, sales in the Bay Area were down by 7.1 percent monthly and up by a relatively flat two percent annually. CAR attributed the figures to an “erosion of affordability” in the expensive region. Nonetheless, the San Francisco, Santa Clara and Alameda counties each saw prices rise by more than 10 percent from last year.
 
"In the midst of the peak home-buying season, high home prices and rising interest rates combined to crimp housing affordability, which in turn is subduing home sales," said CAR President Steve White. "Some of the reluctance by buyers appears to be driven by fears that the market may be peaking. Additionally, the lack of a federal tax incentive for homeownership could be at play given that much of the weakness is in the lower-priced, first-time buyer segment of the market."
 
Statewide, the unsold inventory index inched up to 3.3 months in July from 3.2 months one year earlier, and the median number of days it took to sell a California single-family home was 18 days in July, up from 16 days in July 2017.

 
Published
Aug 17, 2018
FHFA Requires 30-Day Notice Prior To Eviction

Wednesday, the Federal Housing Finance Agency (FHFA) announced that tenants of multi-family properties must be given 30 days notice to vacate before the tenant is required to leave the premise.

Industry News
Jul 29, 2021
Houston-Based Stewart Acquires Title First Agency

Ohio-Based Agency Has 20 Offices And Operates in 32 States

Industry News
Jul 28, 2021
Planet Home Lending Reports Total Origination Volume Of $6.8B In Q2 2021

Planet Home Lending's total origination volume reached $6.8 billion in Q2 2021, up 77% from $3.9 billion in Q2 2020.

Industry News
Jul 22, 2021
FHFA Ends Controversial Refinance Fee

The FHFA announced that Fannie Mae and Freddie Mac will eliminate the Adverse Market Refinance Fee for loan deliveries, starting August 1, 2021.

Analysis and Data
Jul 19, 2021
Interfirst Mortgage Launches ONE, Backed By Non-Owner Occupied Properties

ONE is a unique product built on a single interest rate with no adjustments and qualifies off the cash flow of the rental property.

Industry News
Jul 16, 2021
Global Digital Lending Market Projected To Reach $27B By 2028

The Global Digital Lending Platform Market was valued at $7.14 billion in 2020 and is projected to reach $27.07 billion by 2028.

Analysis and Data
Jul 14, 2021