Amid surging mortgage rates, existing-home sales in California slid 1.1 percent last month, according to the California Association of Realtors. Compared to May 2023, sales were down 6 percent.
May’s statewide median home price, however, continued to rise, hitting $908,040. That’s a 0.4 percent increase from April and up 8.7 percent from $835,280 in May 2023.
“California home sales stalled in May as mortgage rates reached the highest level in five months and may have contributed to the slowdown in market activity,” said CAR President Melanie Barker. “However, a moderation in interest rates in the past couple of weeks and recent improvements in housing inventory could create an opportunity for motivated buyers to reenter the market before the homebuying season peaks.”
At the regional level, home sales in all major regions continued to soften with the exception of two areas: the San Francisco Bay Area and the Central Coast were the two regions that recorded an increase. Southern California and the Far North posted a sales decrease from last year’s levels, while the Central Valley region was the only one region where sales were unchanged from a year ago.
The median number of days it took to sell a California single-family home was 16 days in May and 17 days in May 2023.
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