Median prices are very volatile, and we need to look at them with a good dose of circumspection, and trends need to be confirmed over time. Median Prices of SFH the Biggest Counties. The median time on the market jumped to 13 days in July, up from 10 days in June, and up from 8 days a year ago. In Southern California, supply jumped to 3.3 months, up from 2.5 months in June, and up from 1.9 months in July last year. The median time on the market jumped to 15 days in July, up from 12 days in June, and up from 10 days a year ago. In the Bay Area, supply jumped to 2.5 months in July, up from 2.0 months in June, and up from 1.5 months in July last year. The median time on the market jumped to 14 days in July, up from 11 days in June, and up from 8 days a year ago. In all of California, supply of houses and condos for sale rose to 3.2 months, up from 1.9 months a year ago, and the highest level since May 2020. Supply and median time on the market jump. But in July it fell, which was a bummer because it always rises from June to July it even rose in 2009 from June to July, when all heck had broken loose, which puts this drop in a special light. In Los Angeles County, the median price had peaked in September 2021 and has been on a wild ride since, up and down. In the counties of San Diego and Orange, the median price dropped for the third month in a row. Price eventually follows volume, even in Southern California. In Orange County, sales volume collapsed by 39% year-over-year, in Los Angeles County by 32%. In San Diego, sales volume collapsed by 21% in July from June and by 41% year-over-year. Sales volume of houses plunged by 20% from June, and by 37% from a year ago. Southern California is behind but catching up. Year-over-year, it was down in three of the five big counties that cover San Francisco, Silicon Valley, and part of the East Bay, led by San Francisco, where the median price was down 8.2% year-over-year. Year-over-year, the median price of houses across the Bay Area was down for the first time since lockdown May 2020. Sales volume of houses and condos in the entire San Francisco Bay Area has collapsed by 37% from a year ago. San Francisco and Silicon Valley lead with the declines. The median price of condos dropped 2.3%, down for the third month in a row, whittling down the year-over-year gain to 7.5%. Prices eventually follow volume: The median price of single-family houses dropped 3.5% in July from June, down for the second month in a row, slashing the year-over-year gain to just 2.8%. Sales volume of condos plunged by 18% in July from June, and by 36% from a year ago. Sales volume of single-family houses (SFH) in California plunged by 14% in July from June, seasonally adjusted, and by 31% from a year ago, the 13th month in a row of year-over-year declines, according to the California Association of Realtors. It’s peak home-buying season in California, but sky-high home prices, holy-moly mortgage rates, the collapse of cryptos, the vanishing DeFi, and the implosion of tech startups, SPACs, and IPOs, all of which are crucial to the wealth, or perceived wealth, of many Californians, pulled the rug out from under California’s splendid housing markets. In Los Angeles County, prices fell in July from June for the first since Adam and Eve.
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