September 1,2022
By Tirupati Gumpula
The median price of single-family houses in California drops significantly for two months in a row. Not only that, some are even sold their homes.
This makes the idea of owning a house too far for many American residents. According to the reports from the California finance dept. the housing prices have dropped for two months straight.
The Average single-family house price in California was $833,910 in July which is down from the previous month. However, it is still 3% up from last summer.
The Median price of California single-family houses in May was $899, 980 which means the prices have decreased by $65,000 in the last two months.
Interestingly, only a few houses were sold during this period. If you take the numbers, only 3,00000 single-family houses were sold during July 2022. That is down 14% from June and 31% from July 2021
California is the only second state after Hawaii to have the highest median sale price in the country. So, this will actually explains the trend in housing market.
All Image credits to Unsplash, Shutterstock and Everette collection.