Sales of California homes have dropped sharply over the last year – even as the average sale price has gone up. But the growth of Golden State home values appears to be slowing down.
The latest RealtyTrac figures show the annual rate of California home sales in August dropped by more than 20 percent from the same month a year ago – while the median home sale price rose eight percent. The typical California home sold for nearly double the national average.
But several California cities are seeing a sharp slowdown in home price appreciation. For example, San Francisco property values in August were up by nine percent from the year before – but that annual growth rate is down from 37 percent in August of last year. Los Angeles, San Diego and the Inland Empire show similar drops.
Meanwhile, the Central Valley is still digging its way out of the foreclosure crisis. Modesto had the highest share of combined short sales and distressed sales in August of any housing market nationwide. Stockton came in third.
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