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Sales of homes in California were down more than 30 percent in September compared to a year prior, resuming a declining trend that began earlier this year amid soaring interest rates and inflation.
Owing to a rise in rates, last month’s median home price was $821,680, which was down 2.1 percent from August, but up 1.6 percent from September 2021, according to the California Association of Realtors (CAR).
Meanwhile, sales of existing, single-family detached homes in the state totaled 305,680 in September on a seasonally adjusted annualized rate, down 2.5 percent from August, when they totaled 313,540, and down 30.2 percent from September last year, when 438,190 homes were sold on an annualized basis....