Home Sales in California Continue to Rise

Home sales in California continued to rise in July, even as home prices remain elevated, according to a new report.

Closed escrow sales of existing, single-family detached homes in California in July rose 2.7% to 449,530 units, compared to June, according to the California Association of Realtors. It's the fourth-straight month the number of sales in that category surpassed 400,000 units.

The July figure was a 12.7% increase compared to a year earlier.

Prices remained high, CAR said. The median price of an existing, single-family detached home in California in July fell 0.3%, to $488,260, from the previous month.

"While July home sales rose at the statewide level, the market is still constrained by low housing affordability and a tight supply in areas where job growth is robust, such as San Francisco and San Jose," Chris Kutzkey, president of the California Association of Realtors, said in a news release.

The California Association of Realtors' survey is based on information collected from more than 90 Realtor associations and Multiple Listing Services in California.