California Experiencing Slow Growth In Home Sales

Home sales in California are slowly growing across California. Single-family homes have totaled more than $421,000 last month, which is up more than .9 percent since July 2016. However, according to Geoff McIntosh with the California Association of Realtors, that'st down almost 5 percent since last month. 

"We continue to see the same trend that we've essentially seen for the last sixteen months. I don't think we will see a significant change until we see a dramatic increase in inventory." 

Prices of homes across California also went up. The median home price in California increased to just under $550,000, which is an increase of 7.4 percent since last July, but down a little over 1 percent since June. 

Strong growth continues in areas like the Central Valley, with Kings, Madera and Glenn counties posting double digit gains. That was matched however, with double digit declines in Mariposa, Nevada, and Sutter Counties. 

All that's to say that if you're selling a home in California, it's likely to go quick. 

"We're seeing an extremely short hold time right now. The median for the state is at 22.8 days in July, which is just about the same as it was in June at 22.4 days," McIntosh said. 

The slow growth of home sales in California is due to one simple problem - there just aren't enough units to sell to people.

"In the last ten years, we've amassed a deficit of more than a million residential units in the state, which is forcing home prices up and making it extremely difficult for people in the workforce to find housing close to where the job centers are." 

Closer to home, Orange County home sales are up almost 7 percent according to the latest data from the California Association of Realtors. 

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