California housing market loses momentum in August as affordability crunch stifles home sales, C.A.R. reports
- Existing, single-family home sales totaled 420,360 in August on a seasonally adjusted annualized rate, up 1.1 percent from July and down 2.2 percent from August 2015.
- At $526,580, August's statewide median home price is at its highest level in nearly seven years.
- Year-to-date sales are down from the previous year for the second month in a row by 0.5 percent.
LOS ANGELES (Sept. 15) – California home sales downshifted in August as low housing affordability and a tight supply of homes for sale cut into demand, especially in high cost areas of the San Francisco Bay region, the CALIFORNIA ASSOCIATION OF REALTORS® (C.A.R.) said today.
Closed escrow sales of existing, single-family detached homes in California totaled a seasonally adjusted annualized rate of 420,360 units in August, according to information collected by C.A.R. from more than 90 local REALTOR® associations and MLSs statewide. The statewide sales figure represents what would be the total number of homes sold during 2016 if sales maintained the August pace throughout the year. It is adjusted to account for seasonal factors that typically influence home sales.
The August figure was up 1.1 percent from the revised 415,840 level in July and down 2.2 percent compared with home sales in August 2015 of a revised 429,900. Home sales remained above the 400,000 pace for the fifth straight month, but sales have declined year over year for the sixth consecutive month.
The HDAOR Office Relocated!
14281 7th Street Victorville, CA 92395
Due to heavy rains that we have been experiencing this year and intrusion of water into the building, an investigation was undertaken by professional environmental consultants, and their report found organisms traditionally associated with mold may be present in the walls of the building. The Association has committed to remediating any potential mold condition, and until environmental consultants certify the building has met remediation standards, the employees will be relocated and membership and public events will not be hosted in the building.
Diane Smith, Executive Officer
High Desert Association of REALTORS
VOTE COULD BE TODAY!!
C.A.R. is OPPOSING AB 2502 (Mullin), a bill that would weaken the rent control limitations contained in the landmark "Costa-Hawkins" law sponsored by C.A.R. in 1995. C.A.R. opposes AB 2502 which undermines existing Costa-Hawkins' protections by allowing local governments to impose mandatory inclusionary zoning (i.e. rent control) on newly constructed rental housing, without any consideration for the economic viability of the project.
AB 2502 effectively repeals part of the C.A.R. sponsored Costa-Hawkins legislation that says new construction in a rent control jurisdiction is exempt, or NOT subject to rent control. It is vitally important that you reach out to your elected representative today!
AB 2502 could be considered by the entire Assembly as soon as TODAY.
• Call your Assembly Member TODAY. Assemblyman Jay Obernolte
• Urge him or her to oppose AB 2502.