Even during a time of low mortgage rates, California home sales have experienced 12 out of 13 months of lower sales volume than last year despite expectations that activity would pick up.
Sales volume statewide fell -0.2% from July 2019 and fell a substantial -2.8% from August 2018. In the six-county Southern California region, sales volume was down -1.2% y/y.
Comparing sales volume in August 2018 to August 2019 looks like…
- deals below $300,000 – -13.1%
- deals below $500,000 – -7.9%
- deals above $500,000 – -4.9%
- deals above $1M – -8.1%
- deals above $2.M – -7.3%
Counties in relatively affordable Central Valley and Inland Empire experienced some of the state’s largest increases in sales volume in August 2019:
– Butte – +13.9%
– Sutter – +12.7%
– Solano – +8.6%
– Riverside – +6.7%
– Kern – +6.2%
Statewide, the median sale price of $499,000 rose +1% higher in August 2019 compared to $494,000 in August 2018. However, Southern California home prices remained flat y/y and San Francisco Bay Area median sales prices fell slightly for the fourth consecutive month.
This +1% y/y gain in August 2019 was down from an annual increase of +6.2% in August 2018 and a +8.1% gain in August 2017. AND, August 2019 median sale price remained -14.6% below the March 2007 peak in home sale prices.
Thanks to HousingWire’s Maleesa Smith for source data.
Also read: The Hottest Housing Markets in August Were…, What’s Happening with Bidding Wars?, Ben Salem, Harris RE Coaching Client, Publishes Article in Forbes
