"In the first half of 2008, as the global financial system was crashing, 169,946 homes were sold across California. In 2025's first six months, only 158,086 residences were bought 7% below real estate's ugliest era. This is a stark reminder, courtesy of my trusty spreadsheet, of the depths of the recent homebuying collapse. Using sales data from Attom it studied a broad swath of closed transactions, including houses and condos, both existing residences and newly constructed."
"Consider how the pandemic era has altered homebuying by examining some simple math: ranking first-half sales since 2005. California in 2024 had its lowest sales count to start any year. The second-slowest start was 2023. This year was the third-slowest, with 2020 at No. 4. And bubble-bursting 2008? No. 5. Let's politely say the housing market is historically chilled. The price is wrong California house hunters remain hesitant because prices remain stubbornly high."
California home sales during the first half of 2025 totaled 158,086, roughly 7% below the first-half sales during the 2008 crash. Sales in early 2024 were the lowest since 2005, with 2023 second-lowest and 2020 fourth; 2008 ranks fifth. The June 2025 median selling price reached $755,000, a record high after a 6% gain over three years following a 39% surge from 2019 to 2022. Prices fell 26% in the three years before 2008, after which sales rose 33% in the following 12 months. The statewide affordability index shows only 15% of households can qualify for a single-family home, down from 23% in mid-2021 amid mortgage rates near 7%.
Read at www.ocregister.com
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