In July, California home prices continued to stabilize and the statewide median price improved on an annual basis for the first time since October 2022 despite interest rates remaining on the rise. Closed escrow sales of existing, single-family detached homes in California totaled a seasonally adjusted annualized rate of 269,180 in July, according to the California Association of Realtors. The statewide median price dipped 0.7% from June’s $838,260 to $832,340 in July and was up 0.2% from a year ago. The resilient economy with solid job growth, coupled with a shortage of homes on
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