The most recent stats from the California Association of REALTORS® (CAR) for the California Housing Market are summarized in the infographic above.
Total Home Sales
According to the data there were single-family home sales totaling 406,100 units. This is an increase in the number of homes sold of 1.6%.
Median Home Price
The Median Home Price in August 2019 for sales across the state was $617,410. This is a 3.6% year to year increase from 2018.
Unsold Inventory Index
The inventory of unsold homes as tracked by CAR is just 3.2 months. This is a tighter supply than August of 2018 which was at 3.3 months supply.
Fixed-Rate Mortgage (FRM) Rates
According to CAR’s statistics, the 30-year fixed-rate mortgage rate for August of 2019 was around 3.62%.
August 2019 California Housing Market Summary
The month of August was characterized by low fixed rate mortgage rates and a limited supply of homes. These two factors pushed the median price higher.