Home prices in Culver City and across some other parts of the Golden State keep rising, the California Association of Realtors reports, but sales are slowing as mortgage-rates rise and more potential homebuyers are knocked-out by those climbing prices because they can no longer afford to get a mortgage.
The statewide median home price in June, the latest reported by the state’s Realtor trade group, hit a record $602,760. That was up 8.5-percent from last year, nearly three times more than the nation’s overall inflation rate.
Yet, sales in California were down 7.3 percent from a year ago, CAR said. The year-over-year sales decline was the largest in nearly four years.
“California’s housing market underperformed again, despite an increase in active listings for the third straight month,” said California Association of Realtors President Steve White, a Los Angeles-area broker.
“The lackluster [sales figures] could be a sign of waning buyer interest as endlessly rising home prices and buyer fatigue adversely affected pent-up demand.”
There were about 100 houses, townhomes and condominiums for sale in Culver City at the start of this week, real-estate firm Zillow reports, from small condos at about $425,000 to a $3.3-million property on Jackson Avenue.
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