July and August California property sales report from DataQuick

In a recent report, DataQuick claimed home sales in California were much lower in July than previously reported and August sales we’re well below the average for the month.  To those in the industry low sales were expected…..just not as early as July. Since interest rates moved up significantly in June/July (not April/May) many thought July and possibly August numbers would be solid.  Generally speaking the industry was expecting to see soft reports in September/October.  It appears interest rate increases might be causing more harm than anticipated.  We’ll have to wait to see several more months of data before one can say this for certain.