California home prices reach a new all time high again in May

California home prices reach a new all time high again in May

The California Association of Realtors reported that existing home sales totaled 445,680 on a seasonally adjusted annualized rate in May. That marked a month-over-month decrease of 2.7% from the near record number of homes sold in April. Year-over-year the number of sales were up 86.7% from last May when home sales dropped due to the pandemic.

The median price paid for an existing home in May was $818,260, up  from April’s $813,980 median price. Year-over-year the median price increased 39.1% from last May when the median price was $588,070. May marked the highest year-over year gain in prices ever recorded, and the second straight month of year-over-year gains of over 30% in the median price, also a record.

The California Association of Realtors tracks inventory levels based on how many months it would take to sell the active listings in all MLS systems at the current sales level. There was a 1.8 month supply of homes for sale in May, up from 1.6 months in April. There was a 3.2 month supply of homes for sale last May.

The average 30-year fixed mortgage rate in May was 2.96%,down from 3.16% in May 2020

Below are median price and sales data by county.