Existing single-family home sales totaled 270,200 in June on a seasonally adjusted annualized rate, down .8 percent from 272,410  in May and down 2.7 percent from 277,690  in June 2023. (CAR.org)

June’s statewide median home price was $900,720 down 0.8 percent from May and up 7.5 percent from $837,850 in June 2023 (CAR.org)

Year to date statewide home sales were down 0.5 percent. (CAR.org)

California home sales remained stagnant for the second consecutive month in June as mortgage rates remained above 7 percent.

Melanie Barker, C.A.R. President, states, “With interest rates coming down to the lowest levels since February and the availability of homes loosening up further in the last few months, the housing market is gearing up for another run in the second half of the year.”

She adds, ” We coulld see a pickup in market momentum at the start of the third quarter if rates decline in a more sustainable way in the coming weeks and buyers decide to take advantage of lower costs of borrowing.”

The Federal Reserve meets next week. It is widely anticipated that they will keep rates the same.

However, as long as the inflation numbers stay unchanged, the Fed might cut rates in September.

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