California Home Prices Post Biggest Gain in 15 Months
Rising mortgage rates and a continued shortage of homes for sale blunted California home sales for the third straight month in August, while the statewide median home price registered its biggest year-over-year gain in 14 months, the California Association of Realtors (C.A.R.) said Monday.
August’s annualized sales pace of 254,740 single-family homes was down 5.3% on a monthly basis from a revised 268,940 in July and down 18.9% from a year ago. Sales of existing single-family homes in California remained below the 300,000-unit pace for the 11th month in a row, and all major regions recorded double-digits sales declines in August on a year-over-year basis.
Meanwhile, California’s statewide median price climbed 3.3% from July’s revised $832,400 to $859,800 in August and rose 3% from $834,740 a year ago. August’s median price was the highest in 15 months and the highest since California reached its peak price of $893,200 in May 2022, according to C.A.R.
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Paul Bubny serves as Senior Content Director for Connect Commercial Real Estate, a role to which he brings 13-plus years’ experience covering the commercial real estate industry and 30-plus years in business-to-business journalism. In this capacity, he oversees daily operations while also reporting on both local/regional markets and national trends, covering individual transactions across all property types, as well as delving into broader subject matter. He produces 15-20 daily news stories per day and works with the Connect team and clients to develop longer-form content, ranging from Q&As to thought-leadership pieces.
Prior to joining Connect, Paul was Managing Editor for both Real Estate Forum and GlobeSt.com at American Lawyer Media, where he oversaw operations at both publications while also producing daily news and feature-length articles. His tenure in B2B publishing stretches back into the print era, and he has served as Editor in Chief on four national trade publications.
Since 1999, Paul has volunteered as the newsletter editor of passenger rail advocacy groups (one national, one local).