California Home Sales Down Slightly YoY in June
The NAR is scheduled to release June existing home sales on Wednesday, July 23rd at 10:00 AM ET. The consensus is for 4.00 million SAAR, down from 4.03 million last month.
Housing economist Tom Lawler expects the NAR to report sales at a seasonally adjusted annual rate (SAAR) of 3.92 million for June, down from May and down slightly year-over-year.
California reports Seasonally Adjusted (SA) sales and some measures of inventory whereas most of the local is Not Seasonally Adjusted (NSA).
From the California Association of Realtors® (C.A.R.): California home sales rebound in June, reversing three straight months of declines
Amid stabilizing home prices and a greater availability of homes for sale, California’s housing market rebounded in June, but remained below year-ago levels, the CALIFORNIA ASSOCIATION OF REALTORS® (C.A.R.) said today.
Closed escrow sales of existing, single-family detached homes in California totaled a seasonally adjusted annualized rate of 264,260 in June, according to information collected by C.A.R. from more than 90 local REALTOR® associations and MLSs statewide. The statewide annualized sales figure represents what would be the total number of homes sold during 2025 if sales maintained the June pace throughout the year. It is adjusted to account for seasonal factors that typically influence home sales.
June home sales activity rose 4.0 percent from the 254,190 homes sold in May and was down 0.3 percent from a year ago, when 264,960 homes were sold on an annualized basis. June’s rebound reversed three consecutive months of sales declines and was only one of two months of sales increases for the first half of 2025. The year-over-year decline marked the third straight decrease and was the first time since late 2023 that annual sales fell for three consecutive months. Year-to-date sales were barely above a year ago and could fall behind last year’s level in July if market activity remains stagnant.
California’s median home price fell for the second straight month in June, slipping below the $900,000 mark for the first time in three months. The June median price of $899,560 was down 0.1 percent from May and also down 0.1 percent from $900,720 in June 2024. June’s 0.1 percent decline was not in line with the historical average gain of 0.8 percent, suggesting non-seasonal factors such as market uncertainty and elevated mortgage rates had a negative lingering effect on housing demand and home prices. …
• June’s unsold inventory index (UII) held steady compared with May, as a pickup in demand was offset by a dip in new listings. The UII measures the number of months needed to sell the supply of homes on the market at the current sales rate. The index was 3.8 months in June, unchanged from May and up from 3.0 months in June 2024. Total active listings increased more than 40 percent year-over-year, reaching a 68-month high and marking the 17th straight month of annual supply gains.• New active listings declined year-over-year in June for the first time in six months, falling 5.0 percent from June 2024 and 10.2 percent from May. Total active listings, on the other hand, continued to rise both monthly and annually, which may suggest that more supply and demand balancing could be forthcoming in the months ahead.
emphasis added
This is in line with national sales being mostly unchanged year-over-year.