-July 23,2019-
After rebounding in May, California home sales fell below the benchmark 400,000 level in June as sales declined from both the previous month and year, the CALIFORNIA ASSOCIATION OF REALTORS® (C.A.R.) said.
Closed escrow sales of existing, single-family detached homes in California totaled a seasonally adjusted annualized rate of 389,690 units in June.
June’s sales figure was down 4.2 percent from the 406,960 level in May and down 5.1 percent from home sales in June 2018 of 410,800. Sales fell below the 400,000 benchmark again after rebounding in May. Sales have been under the benchmark for 10 of the past 11 months.
Home sales in Southern California were down 9.1 percent, with every county outside of Ventura (0.6 percent) posting declines. Los Angeles (-12.6 percent), San Diego (-12.5 percent), Orange (-7.6 percent) and San Bernardino (-7.2 percent), and Riverside (-4.0 percent) counties all recorded sales declines.
In San Luis Obispo County home sales were down 5.7% year over year while the median price was $640,000 compared to $612,000 a year earlier.
In the SJ Valley, Tulare County sales were down 2.3% while the median price was $247,500 – up from $234,500 in June 2018. In Kings County sales were up 22%.
Nationally existing home sales weakened in June by 1.7%, as total sales saw a small decline after a previous month of gains.