California Existing-Home Sales Down 8.4 Percent In June

And the slowdown continues…

The California Association of Realtors just released June numbers which show existing-home sales fell 8.4 percent last month. Year-to-date statewide home sales were down 10.9 percent in June.

Compared to June 2021, existing-home sales were down 20.9 percent from a year ago, when 436,020 homes were sold on an annualized basis.

“California’s housing market continues to moderate from the frenzied levels seen in the past two years, which is creating favorable conditions for buyers who lost offers or sat out during the fiercely competitive market,” said CAR President Otto Catrina. “With interest rates moving sideways in recent weeks and fewer homes now selling above listing price, prospective buyers have the rare opportunity to see more listings coming onto the market and face less competition that could force them to engage in a bidding war.” 

Another sign of the market slowdown, home prices have finally begun to retreat in one of the country’s hottest markets. 

California’s median home price declined 4 percent in June to $863,790 from the revised record-high of $900,170 recorded in May. The June price was 5.4 percent higher than the $819,630 recorded last June. 

After increasing for four consecutive months, the share of million-dollar home sales dipped as sales in the higher-price segment dropped 8.3 percent compared to May. Sales of homes priced $2 million and up fell 17.9 percent from May 2022. The sub-$500,000 market, on the other hand, increased 2.1 percent on a month-to-month basis in June. 

Stay tuned for regional breakdowns for both SoCal and NorCal sales.