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California home sales dip again as rates soar to a 22-year high
With rates staying elevated and above 7% in recent weeks, sales are expected to be muted in the coming months. Pending sales, in fact, declined nearly 25% in August which suggests that closed sales in California will likely slip again in September before bouncing back in October.
Home prices continue to recover with the statewide median price gaining the most in 14 months
Home prices rose again from the year-ago level for the second straight months, with the statewide median having its biggest year-over-year gain in fourteen months. August’s median price was the highest in 15 months and was the highest since California reached its peak in May of last year.
Lock-in effect keeps inventory low throughout the summer
Housing supply in California continued to decline from last year in August as mortgage rates remained elevated. Active listings at the state level have fallen from a year ago for five months in a row.
Consumer prices rose at the fastest pace in over a year
The Fed could still raise rates before the end of the year if any of those - or other unexpected scenarios – happens and causes inflation to flare up in the next few months.
Retail sales surpass expectation but consumers could face challenges in coming months
U.S. retail sales surprised on the upside and increased 0.6% month-over-month in August. Spending at gas stations, which surged 5.2% last month, largely boosted the overall retail sales activity, as spending on other items only increased modestly by 0.2%.
Home sales will likely have another slow month in September but could bounce back in October and November, as signs of slower economic growth in recent weeks suggest lower mortgage rates could be forthcoming in Q4 2023.
SOURCE : California Association of Realtors
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