As we reported yesterday, July was a tough month for California real estate. According to the California Association of Realtors, existing-home sales were down 14.4 percent, with NorCal seeing one of the more significant declines regionally speaking.
All but three counties tracked by CAR posted sales drops from a year ago in July. Of the 48 counties that experienced a sales decline, Santa Clara saw one of the largest declines at 46.1 percent, year-over-year. Compared to June 2022, sales were down 29.4 percent.
Home to the most expensive real estate in the area, Santa Clara County’s median sale price fell 4.4 percent in July, down from $1,820,000 to $1,740,000 in a month’s time.
Close behind in terms of sales decline but not pricing was Napa. Both month-over-month and annually, sales in Napa fell 32.7 percent. Prices, however, continued to rise! The median sale price in Wine Country last month was up 13.6 percent to $1,107,500.
San Francisco saw prices retreat, down 10.5 percent to a median sale price of $1,700,000. Sales in July were also down, 25.4 percent compared to the month prior.
Elsewhere in NorCal, pandemic “hotspot” Sacramento is seeing its market soften, with sales and prices falling in July. Month-over-month, sales were down 15.8 percent in Sacramento County and down 21 percent in neighboring Placer County. Median prices were also down 1.8 and 1 percent, respectively.
In the far north, Lassen County recorded the largest sales increase of all California counties at 52 percent, while Plumas posted a sales gain of 9.1 percent from last year.
For a full wrap up of SoCal’s sales and pricing in July, click here.