Existing single-family home sales rose 5.6 percent from June and up 1.1 percent from July 2018, according to the California Association of Realtor’s August report. Meanwhile the statewide home prce was $607,990, down 0.4 percent from June and up 2.8 percent from July 2018. The association said the lowest mortgage interest rates in nearly three years helped jump start the state’s housing market, which posted the highest level of sales in 15 months.
“While it’s encouraging that home sales crept higher in July, the market will continue to be challenged by an overarching affordability issue, especiallty in high cost areas such as the Bay Area, which requires a minimum annual income well into the six figures to purchase a home,” said CAR Chief Economist Leslie Appleton-Young.