Home sales in California dip below pre-pandemic levels as the effects of rising interest rates begin to show even as prices set another record, C.A.R. reports
Existing, single-family home sales totaled 377,790 in May on a seasonally adjusted annualized rate, down 9.8 percent from April and down 15.2 percent from May 2021.
May’s statewide median home price was, $898,980 up 1.6% percent from April and up 9.9% percent from May 2021.
Year-to-date statewide home sales were down 8.9 percent in May.
LOS ANGELES (June 16) – California’s housing market started showing signs of a market shift in May, as the monthly average 30-year fixed rate mortgage surpassed 5 percent for the first time since April 2010 leading to the lowest sales level since June 2020, and the largest year-over-year decline in five months, the CALIFORNIA ASSOCIATION OF REALTORS® (C.A.R.) said today.
Closed escrow sales of existing, single-family detached homes in California totaled a seasonally adjusted annualized rate of 377,790 in May, according to information collected by C.A.R. from more than 90 local REALTOR® associations and MLSs statewide. The statewide annualized sales figure represents what would be the total number of homes sold during 2022 if sales maintained the May pace throughout the year. It is adjusted to account for seasonal factors that typically influence home sales.
Read the entire article, infographics and charts for the month of May 2022 at CAR.org >>