Overview
- California's median price for an existing single-family home reached a record $930,260 in May, breaking the previous high reported by the California Association of Realtors.
- The Bay Area set its own record with a $1.45 million median in May, and three Bay Area counties reported medians above $2 million, including San Francisco at about $2.2 million.
- Statewide sales totaled a seasonally adjusted annualized rate of 268,810 units in May, which was down 3.1% from April but up 5.1% from a year earlier, showing a modest month-to-month pullback alongside year-over-year growth.
- Available inventory measured about 3.4 months' supply in May and average days on market were near 22, which CAR economists said, combined with a 'lock-in' of potential sellers, kept upward pressure on prices.
- CAR officials said recent easing in mortgage rates could support gradual improvement in the housing market in the third quarter, and one outlet's reporting that May softness was tied to the Middle East conflict is a disputed attribution.