How’s the market? Home prices have increased while the average rate on a 30-year mortgage edged up to 6.079 percent this week.

The effects of rising interest rates and high home prices hit would be homebuyers in August dragging home sales below the annualized 300,000 benchmark level for the first time since May 2020 Home prices in California increased while at the same time the number of homes sold fell by 31.1% and the number of homes for sale rose as compared to last year according to the California Association of Realtors. 30 counties in California recorded a sales decline of more than 30 percent from last year.

The Central Coast experienced the largest decline among major regions, with sales plummeting 37.3% from the previous year. The housing inventory in California is now back to the pre-pandemic level.