When it comes to sales activity, Central Valley markets for existing single-family homes underperformed in August, according to the latest data from the California Association of Realtors.

The median home price in the region grew in August as inventory for homes remained tight.

A shortage of homes for sale and rising mortgage rates continued to hamper California home sales for the third-straight month in August, according to new data from the California Association of Realtors (C.A.R.)

All major regions in the state recorded double-digit sales declines in August compared to the year prior. The 12-county Central Valley region saw the largest average dip of 19 percent. The territory ranges from north of Sacramento to Kern County.

Fresno saw a monthly sales decline of 6.8 percent and an annual dip of 23.6 percent. Fresno’s August median price of $425,000 rose 1.8 percent from July’s $417,500. The annual median price was up nearly 5 percent from $405,000 in August 2022.

Kings County sales activity declined 13.9 percent in August compared to July and fell 24.4 percent on an annual basis. The August median home price was $385,00, down 0.6 percent month-over-month and up 18.9 percent annually.

Madera County jointed Stanislaus County as the only Central Valley areas to see positive growth in price and sales activity. Madera sales activity was up 15.3 percent on a monthly basis and 4.4 percent on an annual basis. The median price of $453,000 was up 6.3 percent compared to July and 13.3 percent compared to August 2022.

Tulare County sales activity saw the Central Valley’s biggest monthly jump of 24.8 percent, but was down 7 percent annually. The median price of $372,000 was up 0.4 percent on the month and up 6.3 percent on the year.

“A reacceleration of interest rates since April, combined with tight housing inventory, pushed down California home sales to a seven-month low in August,” said C.A.R. Senior Vice President and Chief Economist Jordan Levine.

The statewide median price recorded the biggest year-over-year gain in 14 months, climbing 3.3 percent from July’s revised $832,400 to $859,800 in August and rose 3 percent from $834,740 a year ago. August’s median price was the highest in 15 months since California reached its peak price of $893,200 in May 2022.

“The highly competitive housing market continued to provide support to home prices, with the statewide median price steadily improving since early 2023. As California housing prices continue to stabilize, buyers and sellers on the sidelines will get back into the market once interest rates begin to moderate in the fourth quarter,” said C.A.R. President Jennifer Branchini.