According to the California Association of Realtors, California statewide home sales stumbled in July 2016 as low inventories and eroding affordability dragged down the housing market.

Closed escrow sales of existing, single-family detached homes in California totaled a seasonally adjusted annualized rate of 415,840 units in July, which was down 4.1% from June and down 5.1% compared with home sales in July 2015. Sales in the state have now declined year over year for the fifth consecutive month.

The statewide median price remained above the $500,000 mark for the fourth straight month, but there are signs of an expected slowing in price growth. The median price of an existing, single-family detached California home slipped 1.8% in July to $509,830 from $519,410 in June.

However, in the year to July 2016, average property prices in California were still up 3.9% on a year earlier.