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Elevated interest rates and limited new listings suppress California home sales in June

Posted on July 26, 2023 by Community Real Estate

Source: CALIFORNIA ASSN. OF REALTORS®

Elevated interest rates and a shortage of homes for sale continued to dictate the market in June, as California home sales remained below the 300,000 annualized pace for the ninth consecutive month, the CALIFORNIA ASSOCIATION OF REALTORS® (C.A.R.) said.

“California’s housing market has improved since the winter and appears to have found its footing as sales declined at the slowest pace in over a year,” said C.A.R. President Jennifer Branchini, a Bay Area REALTOR. “Despite elevated interest rates, the demand for housing continues to outpace the availability of homes for sale, as buyers slowly adapt to the new normal under the current housing market conditions.”

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