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Growth In California Home Values Slowing

Andrew Nixon / Capital Public Radio
 

Andrew Nixon / Capital Public Radio

Sales of California homes have dropped sharply over the last year – even as the average sale price has gone up. But the growth of Golden State home values appears to be slowing down.

The latest RealtyTrac figures show the annual rate of California home sales in August dropped by more than 20 percent from the same month a year ago – while the median home sale price rose eight percent. The typical California home sold for nearly double the national average.

But several California cities are seeing a sharp slowdown in home price appreciation. For example, San Francisco property values in August were up by nine percent from the year before – but that annual growth rate is down from 37 percent in August of last year. Los Angeles, San Diego and the Inland Empire show similar drops.

Meanwhile, the Central Valley is still digging its way out of the foreclosure crisis. Modesto had the highest share of combined short sales and distressed sales in August of any housing market nationwide. Stockton came in third.

Ben Adler

Capitol Bureau Chief

Capitol Bureau Chief Ben Adler first became a public radio listener in the car on his way to preschool – though not necessarily by choice. Now, he leads Capital Public Radio’s state Capitol coverage, which airs on NPR stations across California.  Read Full Bio