SoCal Sees 27.1 Percent Annual Sales Decline

Following yesterday’s news that California’s existing-home sales fell 8.4 percent in from May to June, we’re taking a closer look at the SoCal landscape. 

At the regional level, all major regions experienced double-digit sales declines from last year, with three of the five regions falling by more than 25 percent on a year-over-year basis, according to the California Association of Realtors. Southern California had the biggest drop of all regions, with sales plunging 27.1 percent compared to one year ago. 

All six counties within the region saw sales fall by more than 20 percent year-over-year, with Orange County declining the most at 36.1 percent. 

When it came to pricing, however, the numbers were all over the map in June. While California’s median home price declined 4 percent last month to $863,790, some SoCal counties still managed to post gains. 

Los Angeles County had the largest increase with June’s median sale price hitting $860,230—up 7.7 percent from May. Ventura County’s price jumped 1.6 percent to $930,000.

Following months of gains, Orange and San Diego Counties finally saw prices retreat in June. The OC posted a median sale price of $1,265,000, down 2.3 percent. San Diego’s median price fell 2.1 percent to $950,000.

Another gain for California’s real estate in June: supply! The overall supply conditions throughout the state improved again in June, with the statewide unsold inventory index rising to the highest level in two years. According to CAR, total active listings surged 64.4 percent in June, the largest year-over-year growth in more than seven years.

To see what numbers NorCal posted last month, check out our coverage by clicking here.