California Home Sales and Prices Rose in August
Sales of existing single-family homes in California increased 2.4 percent in August from July, reaching a seasonally adjusted rate of 269,620 units. The median home price also rose 1.6 percent to $901,420, despite higher mortgage rates.
California's housing market saw an increase in activity in August, with sales of existing single-family homes rising 2.4 percent from July to a seasonally adjusted annualized rate of 269,620 units. This marks a 1.4 percent increase compared to August of the previous year.
The statewide median home price reached $901,420 in August, up 1.6 percent from July's median of $887,210. This price increase occurred even as mortgage rates and housing costs remain elevated.
The California Association of Realtors (C.A.R.) reported the uptick, which contrasts with expectations that higher borrowing costs would dampen market activity and slow price growth.
Despite macroeconomic pressures, the data suggests sustained buyer demand in key California markets, continuing to support home prices.