California Association of Realtors (CAR) reports that California existing single-family home sales totaled 261,820 in July, down 1.0 percent from 264,400 in June and down 4.1 percent from 272,990 in July.
July’s statewide median home price was $884,050, down 1.7 percent from $899,790 in June and down 0.3 percent from $886,420 in July 2024.
California’s spring homebuying season continued to fall short of expectations, as elevated mortgage rates and growing economic concerns restrained home sales from year ago levels for the fourth straight month. Closed escrow sales of existing, single-family detached homes in California totaled a seasonally adjusted annualized rate of 261,820 in July, according to information collected by C.A.R.
Kings sales up 20%
Bucking the trend was Kings County and a few others in the state. Kings County saw a 20% increase in sales in July compared to a year earlier. Tulare County was up 8% and Ventura County was also up at 7.2%.
Back in Kings County, the median price of a home sold in July fell to $365,000 compared to $369,000 in July 2024.
Despite the increase in sales in King County,it’s taking longer to sell a home numbering 35 days in July 25 compared to 17 days in July 24 – about double the time. Tulare County showed a similar trend with the average time on the market numbering 33 days up from 20 in July 2024.
Statewide pending sales slipped from last year’s level for the eighth consecutive month in July, registering the largest year-over-year decline since November 2023. While mortgage rates have dropped to their lowest level since October 2024, the latest uptick in inflation could reverse the recent rate improvement trend and push rates back up closer to 7 percent. As such, housing demand is likely to remain soft through August until buyers and sellers get a better sense of what direction the market and economy are going.
“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,” said C.A.R. President Heather Ozur, a Palm Springs REALTOR®. “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 sales.
Ladies Room mural going up in Downtown Hanford
More buildings in Downtown Hanford are being adorned with murals and now add a new eye popping wall painting by Lauren Farrar at the Ladies Room Beauty Parlour at 109 W 8th St, Hanford. Ladies Room owner Courtney Cantwell says Lauren will start work on the new mural Thursday Aug 21 and plans to be finished by Sept 21. People are invited to watch her progress.
“Just like the customers at Ladies Room, we hope to pretty-up Downtown” says Courtney. The city recently approved the design.
Asked where the unique name for her salon originated from, Courtney remembers it came to her when she started the business some 20 years ago with the 1980s song “Meet Me In The Ladies Room.”
Earlier this year several new murals were approved by the city including one along Irwin Street , at the Kings Art Center and one at The Plunge.