Where in California did homes for sale jump the most?



”Survey says” looks at various rankings and scorecards judging geographic locations while noting these grades are best seen as a mix of artful interpretation and data.

Buzz: The number of homes for sale rose nationally on a year-over-year basis for the first time since June 2019, with some of the biggest gains coming in California markets.

Source: Realtor.com’s monthly survey of listings of existing homes officially on the market.

Top line

The number of active U.S. listings rose 8% year-over-year in May, probably driven by new sellers and a slowdown in would-be buyers deterred by high prices, Realtor.com said in a report Thursday. Listings were down 12% year-over-year in April.

The largest increases in new listings were in the West and the South.  Among the 50 metro areas tracked, the year’s largest jump in homes on the market was in Austin (up 86%), then came Phoenix (up 67%), Sacramento (up 55%) and the Inland Empire (up 52%).

Details

Here’s what happened in California in May — and how that activity stacked up nationally, ranked by the size of listing increases within the state …

No. 1 Sacramento

Active listings: Up 55% — No. 3 of 50 nationally.

Median listing price: $649,000 — No. 9.

Year’s price change: Up 11% — No. 29.

Share of price cuts: Up 17.2% of listings — No. 4.

No. 2 Inland Empire

Active listings: Up 52% — No. 4 of 50 nationally.

Median listing price: $599,000 — No. 12.

Year’s price change: Up 14.2% — No. 24.

Share of price cuts: 13.9% of listings — No. 7

No. 3 San Francisco

Active listings: Up 32% — No. 12 of 50 nationally.

Median listing price: $1.13 million — No. 2.

Year’s price change: Up 3.8% — No. 38.

Share of price cuts: 9.1% of listings — No. 30.

No. 4 San Jose

Active listings: Up 23% — No. 15 of 50 nationally.

Median listing price: $1,494,000 — No. 1.

Year’s price change: 15.1% — No. 22.

Share of price cuts: 9.9% of listings — No. 24.

No. 5 San Diego

Active listings: Up 10% — No. 26 of 50 nationally.

Median listing price: $926,000 — No. 4.

Year’s price change: Up 15.9% — No. 19.

Share of price cuts: 11.5% of listings — No. 14.

No. 6 Los Angeles-Orange County

Active listings: Up 5% — No. 31 of 50 nationally.

Median listing price: $972,000 — No. 3

Year’s price change: Up 1.4% — No. 41.

Share of price cuts: 10.5%, of listings — No. 18.

Quotable

“While this real estate refresh is welcome news in a still-undersupplied market, it has yet to make a dent in home price growth,” Danielle Hale, chief economist for Realtor.com, said in the report.

Bottom line

The stats suggest housing supply hit a turning point last month.



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