LOS ANGELES (Aug. 20) – Fueled by the lowest interest rates since spring, California home sales rebounded in July to reach a five-month high, the CALIFORNIA ASSOCIATION OF REALTORS® (C.A.R.) said today.

Infographic: https://www.car.org/Global/Infographics/2024-07-Sales-and-Price

Closed escrow sales of existing, single-family detached homes in California totaled a seasonally adjusted annualized rate of 279,810 in July, according to information collected by C.A.R. from more than 90 local REALTOR® associations and MLSs statewide. The statewide annualized sales figure represents what would be the total number of homes sold during 2024 if sales maintained the July pace throughout the year. It is adjusted to account for seasonal factors that typically influence home sales.

July’s sales pace rose 3.6 percent from the revised 270,200 homes sold in June and were up 4.1 percent from a year ago, when a revised 268,840 homes were sold on an annualized basis. The sales pace has remained below the 300,000-threshold for 22 consecutive months, and year-to-date home sales edged up 0.2 percent from the first seven months of 2023.

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