Home sales fell in the Southland in July, the California Association of Realtors announced Tuesday.
Closed escrow sales of existing, single-family detached homes in California totaled a seasonally adjusted annualized rate of 261,820 last month. July home sales activity dipped 1% from the annualized rate of 264,400 homes in June and was down 4.1% from a year ago, when that annualized rate was 272,990, according to CAR.
The statewide annualized sales figure represents what would be the total number of homes sold during 2025 if sales maintained the July pace throughout the year. It is adjusted to account for seasonal factors that typically influence home sales.
Los Angeles County’s sales figure was down 1.6% from June, but up 1% from July 2024. Orange County sales were up 6.9% from June, but down 1% from July 2024.
Meanwhile, home prices fell locally and statewide. The median selling price of an existing, single-family home in Los Angeles County was $884,050 in July, down from $899,790 in June, and from $886,420 in July 2024.
Orange County’s median price was $1.40 million in July, down from $1.47 million in June and up from $1.39 million one year ago.
July’s statewide median home price was $884,050, down 1.7% from June and down 0.3% from $886,420 in July 2024.
Localized data is not seasonally adjusted, which may account for discrepancies between county numbers and statewide trends, according to CAR.
The highest median price in California in July was San Mateo County’s $2.10 million. The lowest was Trinity County’s $240,500.
“The housing market experienced a modest slowdown in both sales and prices in July as some buyers stepped back, waiting for more certainty in the market and broader economy,” CAR President Heather Ozur said in a statement. “Encouragingly, mortgage rates have recently declined to their lowest level since last October, and that has already led to an increase in purchase applications. If this trend continues, we could see stronger buyer activity and renewed demand in the months ahead.”
More hot air from the real estate industry, trying to keep that great big over-inflated bag of gas called housing from collapsing. It’s coming folks. Don’t be surprised when it’s 2008 all over again. These prices are insane, and it’s going to take another overinflated balloon exploding to bring things back into line.