California home prices and sales show signs of normalizing in July
The California Association of Realtors reported that existing home sales totaled 428,980 on a seasonally adjusted annualized rate in July, down 2% from the number of sales last July.
The median price paid for an existing home in July was $811,170, up 21.7% from last July when the median price was $666,320. While a 21.7% year-over-year increase in the median price would normally be a historic rise, it followed three straight months of year-over-year increases of 30% or more. There had never been a 30% year-over-year increase in the median price prior to April.
The California Association of Realtors tracks inventory levels based on how many months it would take to sell the active listings in all MLS systems at the current sales level. There was a 1.9 month supply of homes for sale in July, up from a 1.7 month supply in June and down from a 2.7 month supply of homes for sale last July. Active listings are beginning to climb, and are at the highest level since last October.