California Housing Market Rebounds Amidst Falling Mortgage Rates

The California housing market rebounded in July, with home sales reaching a five-month high, driven by declining mortgage rates. Existing single-family home sales rose 3.6% from June and 4.1% year-over-year, totaling 279,810. The statewide median home price fell slightly to $886,560 but remains up 6.5% from July 2023. Inventory levels improved, with active listings increasing by 39%. The market is expected to maintain moderate growth, influenced by economic uncertainties and fluctuating interest rates.