The cooldown in California's housing market continued in June as the market experienced its biggest dip in sales of existing homes since May 2020, according to a new report from the California Association of Realtors.
Sales of existing, single-family homes in California totaled 344,970 in June on a seasonally adjusted annualized rate, down 8.4% from May and down 20.9% since June 2021, when more than 436K homes were sold, CAR said. Year-to-date statewide homes sales were down 10.9% in June.
The statewide median home price in California dipped 4% in June to a still stratospheric $893,790, with fewer homes selling above listing prices. According to CAR's report, mortgage payment growth in California decelerated in June for the first time in 10 months.
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