SoCal may have seen record sale prices, as we reported yesterday, but as a whole, California’s June home sales were down for the second month in a row.
According to the California Association of Realtors, existing, single-family home sales totaled 436,020 in June, down 2.2 percent from May and up 28.3 percent from June 2020. With strong sales in June, the state housing market ended the first half of the year with a year-to-date increase of 33.6 percent.
“We’re starting to see what a difference just a slight uptick in inventory and listings can do to help lessen the buying frenzy and create a sense of normalcy,” said CAR President Dave Walsh. “The market is still extremely competitive, with 70 percent of homes selling above list price; however, the number of new listings increased in June, and both the share of listings with a reduced price and median reduction amount increased, giving buyers more opportunities to purchase.”
Like SoCal, California’s overall median home price also set a new record in June. For the fourth consecutive month, the median home price increased, now standing at $819,630 in June. That’s up from May’s $818,260 and up 30.9 percent from the $626,170 recorded last June.
The San Francisco Bay Area continued to grow at the fastest pace with a year-over-year gain of 35 percent, followed by Southern California at 30.3 percent, the Central Valley at 23.8 percent, the Far North at 22 percent and the Central Coast at 20.8 percent.
Also of note, California’s housing supply condition continued to improve with active listings reaching the highest level since last October. The number of for sale properties increased 15.4 percent in June from the prior month. The median number of days it took to sell a California single-family home decreased to 8 days in June, down from 19 days in June 2020.