The California housing market is experiencing a downturn, with home sales in August hitting a seven-month low at an annualized rate of 262,050, marking a 6.3% drop from July. The median home price has plateaued at $888,740, showing minimal year-over-year growth. Despite lower interest rates, buyer hesitance persists. However, stricter lending standards and low inventory against high demand suggest a crash is unlikely. Predictions for 2024 indicate a recovery, with sales expected to rise by 22.9% and median prices projected to increase by 6.2%.
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