California single-family home sales continued to drop in July by 14 percent percent from June, dragging sales below the 300,000 annual benchmark for the first time since May 2020, according to the California Association of Realtors (CAR).
The statewide median home price was $833,910 in July, which was 3.5 percent below June but 2.8 percent above July 2021.
“In the midst of the peak home-buying season, high home prices and rising interest rates depressed housing affordability to the lowest level in nearly 15 years, which in turn dampened home sales,” CAR President Otto Catrina said in a statement.
In Southern California, Los Angeles County experienced the biggest drop statewide in sales by 26 percent with a median price of $846,320 since June, while Orange County was the least affected with sales down by 16 percent with a median price of $1.23 million….