California’s housing market sees decline amid high interest rates

California home sales decreased in June for the second consecutive month, with the California Association of Realtors predicting a potential further slowdown in the economy. The number of single-family homes sold statewide dropped to 270,200, a .8% decrease from May. Median home prices also fell slightly to $900,720. Sales of million-dollar homes in California are rising, while sales of homes under $500,000 have declined. The housing market could benefit from an economic slowdown if interest rates decrease.