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More listings available on the market
Active listings at the state level rose on a year-over year basis for the fourth straight month and the increase was the largest in 15 months.
Housing starts fall sharply as mortgage rates remain volatile
In May, the U.S. Census Bureau reported that housing starts were at an annual rate of 1.28 million units, down 5.5% from April and 19.3% lower than in May 2023.
Builder confidence hit its lowest level since late 2023
Many homebuilders were put on pause as mortgage rates remained volatile in May, while labor shortages and buildable lots continued to be issues for developers.
California median home price sets another record-high
California home prices climbed further in May, with the statewide median up 0.4% from April and recorded a strong year-over-year gain of 8.7% from the same month of last year.
May retail sales provide more evidence that the economy is slowing
Consumers could continue to take a breather in coming months if the labor market moderates further and they expect their income to rise more slowly than a few months ago.
The moderation in rates, coupled with recent improvement in housing supply, should lift the market sentiment up and could create an opportunity for buyers to reenter the market before the homebuying seasons peaks.
SOURCE : California Association of Realtors
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