Single-family detached home sales in California during August were down 2% from July and 1.9% from August 2012. But the California Association of Realtors added sales of condominiums and townhomes were up 8% over last August and 5% so far this year when compared with last.
CAR president Don Faught said, “Rising single-family home prices and limited inventory prompted many buyers to look for a more affordable alternative.”
There were 434,700 units (seasonally adjusted annualized rate) sold in California in August, compared with a revised 443,500 in July and a revised 443,030 in August 2012.
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Meanwhile, CAR said the median price of a single-family detached home sold in August was $441,330, up 1.7% from July’s $433,910. The August figure is the highest recorded since December 2007.
On a year-over-year basis there have been 14 straight months of double-digit gains, as the most recent month is 28.4% higher than the median for August 2012.
Still, chief economist Leslie Appleton-Young pointed out, “As the housing supply loosens up with the seasonal slowdown, annual home price increases are expected to taper as we’ve observed in the last two months.”
