Talking Points …
- Lower interest rates and stabilizing home prices combined to boost home sales in June, according to the CALIFORNIA ASSOCIATION OF REALTORS® (C.A.R.). However, diminished home affordability remains a challenge for buyers, particularly in high cost areas of the state.
- Sales in June increased 1.5 percent from a revised 389,060 in May but were down 4.8 percent from a revised 414,830 in June 2013. June marked the eighth straight month that sales were below the 400,000 level and the eleventh straight decline on a year-over-year basis.
- The statewide median price of an existing, single-family detached home slipped 2 percent from May’s median price of $466,320 to $457,160 but was up 6.6 percent from the revised $428,700 recorded in June 2013. The statewide median home price has increased year over year for the previous 28 months, marking more than two full years of consecutive year-over-year price increases.