29 Jun May 2024 price and sales report

According to the California Association of Realtors, the highest interest rates since late 2023 caused a slow down in California home sales in May.
In addition, median home prices set another record high. (CAR.org)

Existing single-family home sales totaled 272,410 in May on a seasonally adjusted annualized rate, down 1.1 percent from 275,540  in April and down 6.0 percent from 289,860 in May 2023. (CAR.org)

May’s statewide median home price was $908,040 up .4 percent from April and up 8.7 percent from $835,280 in May 2023 (CAR.org)

Year to date statewide home sales were flat. (CAR.org)

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 C.A.R. President Melanie Barker

She continues, “However a moderation in interest rates in the past couple of weeks and recent improvement in housing inventory could create an opportunity for motivated buyers to reenter the market before the home buying season peaks.”

It’s a very tough market right now for both buyers and sellers Not only are interest rates at 7% (although historically not high) but there is also a scarcity of homes for sale.

Sellers are having to adjust their price and buyers are realizing that rates may not come down as soon as they had expected.

Keeping you current is written by Michael Bloom, Realtor with The Agency and a Hidden Hills Resident since 1977.