Home Prices Down 18% then up 14%, all in one year

California’s crazy home prices: Down 18% then up 14%, all in one year

Homebuying tumbles to a 28-year low in May.

Deep discounts on California homes srank this spring – especially to the south – as the purchaseing pace is almost historically sluggish.

The median sales price for an existing California single-family house was $ 8,36,110 in May.

That’s down 6.4% from a revised all-time high of $893,200 in May 2022. 

Prices fell in 42 of the 53 counties.

But it’s been a pricing rollercoaster in the 12 months since the pandemic’s peak.

Start with the statewide median crashing 18% from May 2022 through February 2023 to $ 7,700. 

That $ 155,000 drop was tied to rising mortgage rates.

Which pushed many house hunters away and convinced numerous homeowners not to sell.