The median sales price for an existing California single-family house was $836,000 in May. That’s down 6.4% from an all-time high of $893,000 in May 2022.
The median sales price for an existing California single-family house was $836,110 in May. That’s down 6.4% from a revised all-time high of $893,200 in May 2022. Prices fell in 42 of the 53 counties tracked.Start with the statewide median crashing 18% from May 2022 through February 2023 to $735,500. That $157,500 drop was tied to rising mortgage rates, which pushed many house hunters away and convinced numerous homeowners not to sell.
How slow is that? Well, my spreadsheet found only 37 months since 1990 had a sleepier sales pace than May – that’s just 9%.Yes, prices are lower just about everywhere – except for pricey coastal markets between Los Angeles and San Francisco. But the dips are larger the farther north you look. And sales drops were widespread.May’s $380,000 median is down 11% in a year after a 3% rebound since February. Sales fell 22% in 12 months.$1.
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