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June
30
30
California Real Estate Market
California's housing market is currently experiencing a mixed picture. While new home sales have recently fallen to a seven-month low, existing home sales have seen a slight dip, and the median home price has slightly increased year-over-year. Inventory of homes for sale is also up in many major markets.
Here's a more detailed look:
Sales:
- New home sales: Dropped 13.7% to a seasonally adjusted annualized rate of 623,000 units in May, according to the Commerce Department's Census Bureau.
- Existing single-family home sales: Fell 3.4% in April compared to March, according to Redfin.
- Sales volume: Was down 27% in 2024 compared to 2019, suggesting a slower market overall.
Prices:
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Median home price:.Opens in new tabIncreased slightly year-over-year in April, but the annual gain was the smallest since July 2023, according to a Reddit thread.
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Median price drop:.Opens in new tabIn May, the median home price fell slightly (0.046%) compared to the previous year.
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Price growth deceleration:.Opens in new tabWhile prices continue to increase, the growth rate is slowing down, partly due to increased inventory.
Inventory:
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Inventory increase:For-sale inventory in major California metros is up significantly year-over-year.
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Active listings:Have been increasing, but sales have also been rising due to seasonal demand.
Other factors:
- Economic uncertainty and high interest rates: Are impacting housing demand.
- Buyer caution: Is rising, and buyers are more discerning due to economic factors.
- Wages: Have generally kept pace with pandemic-driven inflation, but affordability remains a concern.
- Long waiting lists: For subsidized affordable housing continue to exist in many California cities.
In conclusion: While some indicators point to a potential cooling of the market, such as increased inventory and a slowing of price growth, California's housing market remains dynamic and complex. It's crucial to consider various factors and local market conditions when analyzing the overall picture.
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California Housing Market: House Prices & Trends | RedfinCalifornia Housing Market Overview In May 2025, home prices in California were down 0.046% compared to last year, selling for a me...Redfin
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California Housing Affordability Tracker (1st Quarter 2025)Apr 21, 2025 — Monthly Home Payments Have Grown Much More Than Wages and Rents. ... Housing Costs Have Grown More Quickly Than Wages.Legislative Analyst's Office (.gov)
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California home sales volume - firsttuesday JournalApr 25, 2025 — Recent home sales trends Consider that annual home sales experienced a 6% increase from 2023 to 2024. More critically,firsttuesday Journal
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