The bright spot that was California home sales in May appears to have faded with news that existing-home sales fell 4.1 percent last month. According to the California Association of Realtors, home sales remained below the 300,000 annualized pace for the ninth consecutive month.
June’s sales pace was down 4.1 percent on a monthly basis and down 19.7 percent from a year ago. The yearly drop was the smallest since May 2022 and marked the first time in a year that sales dropped by less than 20 percent from a year ago.
“California’s housing market has improved since the winter and appears to have found its footing as sales declined at the slowest pace in over a year,” said CAR President Jennifer Branchini. “Despite elevated interest rates, the demand for housing continues to outpace the availability of homes for sale, as buyers slowly adapt to the new normal under the current housing market conditions.”
California’s median home price exceeded $800,000 in June for the third straight month, up 0.3 percent from May to $838,260 in June. The statewide median price has now reached the highest level in 10 months.
All but seven of the 51 counties tracked by CAR recorded annual sales declines, with 24 counties dropping more than 20 percent year-over-year and nine counties falling more than 30 percent from the same month last year.
Be sure to check out our regional sales reports on CaliforniaLisings.com this Friday.