Overview

• California’s available home inventory rose 18.7% year-over-year in May to 112,485 listings, reflecting roughly a 50% jump in active listings since 2023.
• Asking prices declined 1% this spring compared with spring 2023, marking the first spring-on-spring drop in list prices since 2023.
• Home sales in May totaled 24,895, down 7.9% from a year earlier and 37% below the June 2021 pandemic peak.
• The state’s median sale price of $859,700 nearly doubles the national median of $440,910, and average 30-year mortgage rates above 7% have tightened cost pressures.
• Many buyers are delaying purchases in what Reventure App’s CEO Nick Gerli calls a 'homebuyer strike' after median households must allocate over 62% of gross income to mortgage and tax payments.