May Housing Report for California

May 2021 Sales and Price Report

The market up until May has been at a dead heat for the buyers, but has been showing signs of a little cooling as some buyers may be taking a break.  However, as the economy is now reopening, how the market may change is yet to be seen.  

The higher end of the market has surged:

"Robust demand of higher-priced properties contributed to the record-setting statewide median price. With million-dollar home sales surging more than 200 percent from May 2020, its market share is nearly double what it was a year ago when it was at 15.6 percent. More million-dollar properties were sold in the past couple of months than homes priced below $500,000."    

Overall, the Southern California market grew by 33.1% increase in median price (surveyed from 90 California MLS systems) compared to May 2020. This was second only to the San Francisco Bay Area.  The unsold inventory statewide still remains under 2 months supply (meaning it would take only 2 months to sell all properties at the current rate of sale--the traditional normal was 6 months before 2012).   49 out of 51 counties dipped more than 20 percent in the number of active listings  compared to one year ago, however active listings were at the highest level in the last 6 months.

The 30-year mortgage interest rate was under 3% in May compared to 3.23 percent average in May, 2020. 

The Los Angeles metro area median single family home price for May was $725,000, compared to $535,000 in May, 2020.

Julia Huntsman, REALTOR, Broker | www.juliahuntsman.com | 562-896-2609 | California Lic. #01188996