| LIFE IN SOLERA | OCTOBER 2022 | 9
Existing single-family home sales on a seasonally adjusted annual
rate were down 14.4% from June and down 31.1% from July 2021!
July's California statewide median home price was $833,910,
down 3.5% from June but still up 2.8% from July 2021. Year-to-year
statewide home sales were down 13.6% in July.
Housing demand in California cooled further in July as the
effects of rising interest rates and high home prices hit potential
home-buyers, dragging home sales below the annualized 300,000
benchmark level for the first time since May 2020. The statewide
annual sales price represents what would be the total number of
homes sold during 2022 if sales maintained the July pace throughout
the year. July marked the fourth consecutive monthly decline.
In the midst of the peak home-buying season, high home prices
and rising interest rates depressed housing affordability to the
lowest level in nearly 15 years, which in turn dampened home sales.
However, buying opportunities will remain in the coming months for
those who have been waiting on the sideline as more listings become
available. Current pending sales suggest that the current market
could remain soft in August and September.
Southern California home sales in July recorded a 36.9% drop
from July 2021! The overall supply conditions in California loosened,
with the unsold inventory index rising from 1.9 months July 2021 t o
3.2 months in July 2022. This index indicates the number of months
it would take to sell the supply of homes on the market at the current
rate of sales. The statewide sales price-to-list price ratio was 100% in
July 2022 but 103.8% in July 2021.
The 30 year fixed-mortgage interest rate averaged 5.41% in July, up
from 2.87% in July 2021.
Source: www.car.org Aug. 17, 2022
By Glenn and Nona Bradd, Broker Associates and Residents
July Homes Sales & Price Report
