Written by The Business Journal Staff
Sales of existing single-family homes in the Central Valley saw a healthy uptick in June, echoing statewide trends that saw the largest single-month sales increase in nearly 40 years.
June’s sales total for the Golden State climbed 42.4% from May but was down 12.8% a year ago. It was the largest monthly increase since the California Association of Realtors began reporting the data in January 1979.
Fresno County home sales were up 41.5% from May, and down only 2.8% from a year ago. The median home price was $313,950 in June, up 6.4% from May and also up 10.9% from a year ago.
Tulare County home sales in June were up 29.3%, and were also up 1.7% from a year ago. The median home price in Tulare county was $270,000 last month, up 5.8% from May and also up 9.1% from a year ago.
Madera County sales were up 41% in June compared to May, and also up 6.2% from June 2019. The median price there was $300,000, up just shy of 1% from the month prior and up 3% from last year.
Kings County saw the most subdued activity, with June sales up 8% from May and trailing 18.8% from June 2019.
The median price in Kings County for June was $265,000, up 6% from May and up 7.2% from a year ago.
Home sales bounced back solidly in June after hitting a record bottom in May, as lockdown restrictions loosened and pent up demand driven by record-low interest rates roared back,” said 2020 C.A.R. President Jeanne Radsick, a second-generation Realtor from Bakersfield. “While the momentum is expected to be sustained as we kick off the third quarter, the resurgence in coronavirus cases remains a concern and may hinder the market recovery in the second half of the year.”
A strong surge in home sales in June provided support to home prices, as the statewide median price set a new record high after dipping briefly below $600,000 in May. California’s median home price reached $626,170 in June, improving 6.5 percent from May and 2.5 percent from June 2019. The monthly price increase was higher than the historical average price change from May to June and, in fact, was the highest ever recorded for a May-to-June change.
A change in the mix of sales was one primary factor that pushed the median price higher in June, as sales of higher-priced properties bounced back stronger than lower-priced homes.