California Home Sales Down 23.6% YoY in May, Median Prices Decline 6.4% YoY

Today, in the CalculatedRisk Real Estate Newsletter: California Home Sales Down 23.6% YoY in May, Median Prices Decline 6.4% YoY

Excerpt:

California doesn’t report monthly inventory numbers, but they do report sales and the change in months of inventory.

Note: The National Association of Realtors (NAR) is scheduled to release May existing home sales tomorrow, Thursday, June 22, 2023, at 10:00 AM ET. The consensus is for 4.24 million SAAR.

Last Friday, housing economist Tom Lawler noted:

Based on publicly-available local realtor/MLS reports released across the country through today, comprising over 225,000 transactions, I project that existing home sales as estimated by the National Association of Realtors ran at a seasonally adjusted annual rate of 4.25 million in May, down 0.7% from April’s preliminary pace and down 21.3% from last May’s seasonally adjusted pace.

Here is the press release from the California Association of Realtors® (C.A.R.): Interest rate reprieve boosts California home sales to highest level in eight months, C.A.R. reports

• Existing, single-family home sales totaled 289,460 in May on a seasonally adjusted annualized rate, up 9.8 percent from April and down 23.6 percent from May 2022.

• May’s statewide median home price was $836,110, up 3.0 percent from April and down 6.4 percent from May 2022.

There is more in the post.  You can subscribe at https://calculatedrisk.substack.com/