CaliforniaThe California Association of Realtors (CAR) recently released its August Housing Market Report.house priceThe average continued to rise and reached a 15-month high. The continued shortage of homes on the market is responsible for the increase in housing prices.
Single-family home sales in California totaled 254,740 units in August, down 5.3% from July and down 19% from August last year. The average home price in California rose 3.3% compared to July and is 3% higher than the same period last year. Home sales in California have declined 29.2% since August.
Jordan Levin, CAR senior vice president and chief economist, said California home sales fell to a seven-month low due to a “re-acceleration” of rising interest rates and increasingly tight housing inventory. Levin estimates that home sales will improve in the last quarter of 2023. “Mortgage rates are likely to decline in the coming months, which will inject new energy into the housing market.”
CAR’s monthly report also shows that homes are staying on the market for shorter periods of time. In August, it took an average of 18 days for a home to go from listing to transaction, which is 5 days less than in August 2022.
The median price of a single-family home in California reached $859,800.los angelesApproximately NT$882,000. The figures were lower at $792,500 in the Los Angeles metropolitan area and $1.31 million in Orange County.
The least expensive county in Southern California is San Bernardino, where the median home price is $495,000. Still, the price is up more than 4% since August 2022.
The average house price in San Diego reached seven figures in August, exceeding 1 million yuan; That increased 3% from July and more than 14% from the same period last year.
The most expensive areas with median home prices in August were San Mateo County at $1.95 million and Santa Clara County at $1.8525 million, both in Northern California’s Silicon Valley region.
In recent weeks, California has announced several initiatives to address the housing shortage. For example, in late August, Governor Gavin Newsom and the California Strategic Growth Council announced a plan to invest $757 million in “job-rich” areas to create more affordable housing and clean energy public transportation. On May 25, the California government allocated $239 million to build more than 5,000 green-friendly homes in several areas.
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