California Real Estate Market Cooling
While it's a shift of only 1-2 degrees, but the red-hot housing market is finally starting to cool. Despite the median home price hitting yet another record high in May the year-to-year date statewide home sales dipped by 2.7% in May. They had been rising steadily since February. But, for the first time in 2021, the median number of days that a single-family home was on the market did not drip, but rather held steady at seven, the same number recorded in April. John Graff, a Los a Angeles based broker and chief executive of Ashby & Graff said, "Buyers are getting fed up at this point with submitting as many as 8-12 offers and getting rejected." "They're throwing up their hands at this point", said John. The median price of a single family home in California hit $818,260 in May, an uptick of 1/2 % from the previous month. It's an acceleration with a foot off the gas. In April the median hit $814,000 up 7% crossing $800,000 for the first time in