The Bay Area has seen a similar trend to the rest of the state.
Outside of the early pandemic downturn in 2020, the plunge in California home sales is the biggest since 2008, during the nadir of the Great Recession.The number of home sales in California in June dropped a staggering 21% year-over-year, a report from theOutside of the early pandemic downturn in 2020, that plunge is the biggest since 2008, during the nadir of the Great Recession.
The 345,000 home sales for the month of June represented a drop of 8.4% from May, and the median sale price was also down 4% from the previous month. The cost of a single-family home in California was $863,790 in June. “California’s housing market continues to moderate from the frenzied levels seen in the past two years, which is creating favorable conditions for buyers who lost offers or sat out during the fiercely competitive market,” said California Association of Realtors President Otto Catrina in the report.
The dramatic downturn comes as mortgage rates soar, turning off buyers. After hitting record lows during the early pandemic, mortgage rates have almost doubled since the start of the year. The
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