Despite that, they still believe the decline in sales will ease through the coming months. The California Association of Realtors®, in their July 2023 statistical release, cites higher mortgage rates as causing the slowing of sales. July was the first year-over-year price gain in 9 months. It was the 5th straight month that the median price of a single-family detached home in California’s stayed above $800,000. Sales of single-family houses fell by 3% in July, and is down 9% vs 12 months ago.
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