California's median home price reached $888,740 in August, rising 0.2% from July, while overall home sales continue to decline as buyers take a cautious approach.
Despite a little improvement in lending conditions, closed home sales decreased in August, as potential buyers wait for anticipated mortgage rate reductions from the Federal Reserve.
The California Association of Realtors expects that housing affordability will improve in fall as the Federal Reserve signals forthcoming interest rate reductions, leading to lower borrowing costs.
The most affordable homes in California can still be found in Northern California and the Central Valley, with properties available for as low as $236,000.
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