Home Sales Retreat In June But Things Are Looking Up

Dated: 07/19/2019

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After rebounding in May, California home sales fell again in June. Existing single family home sales in California totaled 389,690 in June, down 4.2 percent from May and 5.1 percent from June 2018. The median home price remained virtually unchanged since May at $611,420, up 1.4 percent from June 2018.

With home prices softening and interest rates remaining historically low, monthly mortgage payments have fallen for four straight months. This has allowed for homebuyers to potentially save hundreds of thousands in mortgage payments and has extended affordability. CAR President, Jared Martin, said "combined with the long term benefits of homeownership on personal wealth and quality of life, 2019 is a good time to purchase a home for the long haul."

Active listings have grown 2.4 percent from this time last year (the smallest increase since April 2018) and median number of days on market has continued to inch upwards. The number of homes available for sale has moderated significantly, signifying the shift to a more normalized market, but inventory remains tight from a historical perspective.

More specifically at the regional level, Orange County home sales were down 7.6 percent in June and price growth up 5.7 percent year-over-year.

Though the median price of a home in California set another record high in June, this is essentially unchanged from last month showing a slowing in appreciation as the market transitions. Due to leveling off of price appreciation and low rates, market outlook is showing improvement since the first quarter.

If you're looking to buy a home, hear about how we average our buyers upwards of $50,000 on the value of their home! Call our 24/7 recorded hotline877-957-6677

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Liz Peters DRE#02035164

An Orange County native and Team Manager of The Kurt Real Estate Group with a heavy background in both Marketing and Transaction Coordinating, Liz has handled it all - from listings to buyers, from t....

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