California Home Sales and Prices Declined in July

California recorded a total of 261,820 closed escrow sales of existing single-family detached homes in July, down 1% from the 264,400 homes sold in June and was down 4.1% from the 272,990 homes sold in July 2024.

According to the California Association of Realtors (CAR), July marked the fourth consecutive month of year-over-year sales declines, pushing the year-to-date sales into negative territory (-0.4 percent) for the first time in six months. It was also the 34th straight month in which the seasonally adjusted sales rate remained below the 300,000 benchmark.

Also in decline were home prices. CAR noted the state’s median home price of $884,050 marked the third consecutive month of declining prices and a five-month low. The July figure was also down 1.7% from $899,560 in June and down 0.3% from $886,420 in July 2024.

However, total active listings were up 37.7% from one year earlier, reaching a 69-month high. But CAR also noted the pace of growth in total active listings decelerated for the third straight month, dropping to its lowest rate in seven months. The median number of days it took to sell a California single-family home last month was 28 days, up from 20 days in July 2024.

“With housing inventory reaching a plateau and the statewide sales-price-to-list ratio hitting a near 30-month low, the market appears to be cooling off slightly as home prices dipped for the third straight month,” said CAR Senior Vice President and Chief Economist Jordan Levine. “Even with recent price declines, California’s median home price could still see a modest annual increase in 2025, provided the market stabilizes in the coming months.”