California home sales see biggest increase in 40 years

California home sales see biggest increase in 40 years

California home sales see biggest increase in 40 years
After a pandemic-related decline that dragged California home sales to its lowest levels since the Great Recession, the housing market in the Golden State saw a major rebound in June. According to the California Association of Realtors, June sales experienced the largest month-to-month sales increase since January 1979.

June’s total home sales in California climbed 42.4 percent from May as buyers slowly returned to the market after months of stay-at-home orders stifled home buying. While last month’s increase is a positive indicator that the summer home buying season is likely to be strong, sales remain 12.8 percent lower than they were a year ago.

Historically low mortgage rates are expected to keep the home sales momentum going throughout the next several months. Today, conforming no-point 30-year fixed mortgage rates are averaging 2.875 percent and 15-year rates are near 2.5 percent.

Do you have a question for Real Estate & Mortgage Analyst Mehran Aram? Submit your queries about a home purchase, refinance, or reverse mortgage via Aramco.biz, social media (#AramcoReport), or over the phone at (866) 381-8888 and your questions may be featured in an upcoming article.