Statewide, California home sales fell to their lowest level since November 2007. May sales of single family homes was down over 41% from one year ago, and down 13% from April of this year. However, pending home sales (properties in escrow) were up 67% in May. Part of the problem, besides the general effect of pandemic slowdown, is housing supply, per CAR:
"All major regions recorded a decrease in housing supply of more than 25 percent, with both the Southern California and the Central Valley regions falling by more than 33 percent. All counties in Southern California, except Ventura, declined 36 percent or more from last year, with San Diego dropping the most at 42.7 percent. The Bay Area also experienced a significant housing supply decline, but at a relatively smaller degree compared to the Southland. Eight of the nine Bay Area counties recorded a decline in active listings on a year-over-year basis in May, and six had a decrease of more than 25 percent. San Francisco was the only county in the region with an increase in active listings from last year."
Additionally, SoCal home price unchanged:
"Median prices continued to dip in May from last year in the Central Coast and the Bay Area but inched up slightly in the Central Valley region. The median home price was virtually unchanged in Southern California."
Locally, prices continue upward, and anecdotally, buyers continue to experience multiple offer situations.
Long Beach median single family home price $740,000, up 13%
Lakewood median single family home price $649,000, up 8%
Bellflower median single family home price $575,000, up 4%
Signal Hill median single family home price $1,215,000
Rossmoor median single family home price $1,349,000
Cerritos median single fmily home price $765,000, up 6%
Julia Huntsman, REALTOR, Broker |
www.juliahuntsman.com |
562-896-2609 |
California Lic. #01188996
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