by Calculated Risk on 7/18/2022 01:21:00 PM
Today, in the Calculated Risk Real Estate Newsletter: 3rd Look at Local Housing Markets in June, Sales Down Sharply, Inventory “Surged”
A brief excerpt:
California’s median home price declined 4.0 percent in June to $863,790 from the revised record-high of $900,170 recorded in May. The June price was 5.4 percent higher than the $819,630 recorded last June. The moderation in the median home price was due partly to a change in the mix of sales in June, as the high-end market started pulling back.
With both closed sales and pending sales slowing by more than 20 percent, total active listings surged 64.4 percent in June, the largest year-over-year growth in more than seven years. Active listings in June also climbed to the highest level since November 2019, with a month-to-month increase of 28.8 percent from May.
… Housing economist Tom Lawler expects the NAR to report sales at a seasonally adjusted annual rate of 5.12 million in June. The consensus is for 5.40 million.
Contracts for sales in June were mostly signed in April and May, when mortgage rates were lower than in June, so we will probably see further declines in sales in July and August
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