Sales of single-family homes in California declined 9 percent in July compared to a year earlier, and dropped 3 percent compared to the previous month, according to a monthly report from the California Association of Realtors. The trade group noted that sales declines were showing signs of moderation; July was the first month in more than one year in which sales dropped by less than 10 percent.
The smaller July decline could hold the seeds to a rally in the resale home market, said Jordan Levine, CAR’s chief economist. “Interest rates should moderate later this year if inflation eases further, and home sales could see some improvement in the winter season,” Levine said in a statement.
However, the market still looks tough in some of California’s marquee markets.
In Los Angeles County, July sales declined 16.2 percent compared to the previous year. In a month-to-month comparison, sales declined 23.7 percent. In San Francisco, July sales declined 13.4 percent in year-to-year comparison and 22.5 percent in a month-to-month comparison.
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Numbers reached positive territory in a handful of California counties. In Napa County located in the state’s Wine Country, sales increased 5.7 percent in year-to-year and month-to-month comparison. In San Luis Obispo County along the Central Coast, home sales shot up 10 percent in July compared to the previous month. In a year-to-year comparison, sales declined 7.7 percent. In Santa Cruz County, sales increased 6 percent in a year-to-year comparison, but sank 17 percent in a month-to-month comparison.
Nearly 80 percent of California counties saw a decline in active listings, the report found.