California recorded a seasonally adjusted annualized rate of 264,240 closed escrow sales of existing, single-family detached homes in August, up 0.9% from 261,820 homes in July but down by a slight 0.2% from 264,640 homes in August 2024.
According to the California Association of Realtors (CAR), August’s sales level remained slightly below last year’s revised level and marked the fifth consecutive month of year-over-year sales declines. It was also the 35th straight month in which the seasonally adjusted sales rate remained below the 300,000 level.
Statewide pending sales were up 8.3% month-over-month, which CAR attributed to sinking mortgage rates, while on a year-over-year basis pending sales edged up by 0.2% for the first time in nine months.
As for the cost of purchasing a residence, the statewide median home price hit $899,140 in August, up by 1.7% from the prior month and up 1.2% from one year before. This upswing followed three straight months of year-over-year declines.
Total active listings were up 23.5% from one year earlier, the slowest pace of growth since March 2024. The median number of days it took to sell a California single-family home was 31 days last month, up from 22 days in August 2024.
“Soft sales demand led to a steady decline in California’s median home price for three consecutive months through early summer,” said CAR Senior Vice President and Chief Economist Jordan Levine. “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 home price growth may continue in the next few months.
