Lack of inventory, both affordable and overall, remains an issue for California homebuyers, and price continues to climb in response. For the second straight month, median home price grew above $500,000 while California home sales dropped annually, according to the California Association of Realtors’ (CAR) statewide report.
- Sales of single-family detached properties (with closed escrow) dropped by 3.2 percent year-over-year, according to CAR.
- May showed a 0.6 percent rise in sales from April, reaching a seasonally adjusted annualized rate of 410,090 homes.
- California’s median price grew from $509,590 to $518,760 month-over-month.
- May 2016's home supply of 3.4 months was around 40 percent below the long-term average.