State housing market rebounds

The California housing market bounced back in June, reversing three consecutive months of declining sales.

Sales of existing single-family homes totaled 264,260 in June, up four percent from 254,190 from May and down 0.3 percent compared with June 2024, according to the California Association of Realtors.

Those seasonally adjusted numbers are annualized, which means they represent what would be the total number of homes sold during 2025 if sales maintained their June pace throughout the year.

June’s statewide median home price was $899,560, essentially unchanged from May and year-over-year. During the first six months of this year, home sales were up 0.2 percent compared with the first six months of 2024.

“With more properties on the market and inflation flattening, conditions have become more favorable for prospective buyers who have been waiting to re-enter the market,” said Heather Ozur, association president, in the statement. “While sales could remain soft at the start of the third quarter, recent improvements in housing sentiment suggest that the market could bounce back in the second half of the year.”

In the Inland Empire, home sales in June were up 1.4 percent compared with May and 3.5 percent compared with June 2024. The median home price – $605,000 – was down 0.8 percent month-over-month, and also year-over-year, the association reported.