Southern California Home Sales Remain Soft in June, According to California Association of Realtors

The housing market in Southern California saw a slight dip in sales for the second consecutive month in June, according to the California Association of Realtors. The 30-year fixed rate mortgage remained above 7% throughout most of May, impacting the sales pace.

June’s sales pace was down 0.8% from May and 2.7% from the previous year. The market has remained below the 300,000-threshold for 21 months, with year-to-date sales falling behind last year by 0.5%.

Despite the softening in sales, CAR President Melanie Barker remains optimistic about the market’s potential in the second half of the year. With interest rates decreasing and more homes becoming available, there could be a pickup in market momentum.

The median home price in California also saw a slight decrease in June, slipping to $900,720 from May’s $908,040. However, the median price was still 7.5% higher than the previous year. The Los Angeles metro area and Orange County both saw increases in median home prices, while Imperial County experienced a decrease.

Overall, the housing market in Southern California is showing signs of resilience, with the potential for growth in the coming months. Stay tuned for more updates on the real estate market in the region.