Existing, single-family home sales totaled 445,660 annualized in May, down 2.7 percent from April and up 86.7 percent from May 2020. The statewide median home price for April was $818,260 up 0.5 percent from April and up 39.1 percent from May 2020. The unsold inventory index in May was 1.8 months, up 12.5 percent from April and below the long-run average of about 7 months. Read More
Market Minute
The broader economy continues to improve and create a positive outlook for the remainder of the year. As the public health crisis fades and the number of Californians that have been vaccinated approaches the number needed for herd immunity, the economic impacts are following closely on their heels. The service sector is showing signs of life with new jobs at bars and restaurants. Spending on tourism, travel, hotels, and entertainment (some of California’s biggest economic strengths) is on the rise, and rates have held steady for the time being. We did see some further moderation in buyer demand, however, as home prices for both new and existing homes, continue to rise by a double digit pace causing some potential consumers to become discouraged. More Info