Talking Points …
- California home sales pulled back in August, reversing two months of increases, as the median home price rose from the previous month and year, according to the CALIFORNIA ASSOCIATION OF REALTORS®.
- August marked the 10th straight month that sales were below the 400,000 level and the 13th straight month that sales have declined on a year-over-year basis. Sales in August decreased 1.2 percent from 398,940 in July and were down 9.3 percent from 434,910 in August 2013. The August 2014 sales level was the second highest for the year so far.
- The median price of an existing, single-family detached California home rose 3.3 percent from July’s median price of $464,750 to $480,280 in August and up 8.9 percent from the revised $441,010 recorded in August 2013. The August 2014 price was the highest observed since 2007. The statewide median home price has increased year over year for the previous 30 months, marking more than two full years of consecutive year-over-year price increases.