San Francisco Bay Area, Southern California Home Sales Crater, Prices Begin to Drop. California Pending Sales Collapse 40% | Wolf Street

Pending sales in California plunged by 40.6% in June from a year ago, according to the California Association of Realtors (C.A.R.). Listings that went pending in June are expected to turn into closed sales in July, or at least many of them, and given the 40% plunge in pending sales in June, closed sales in July are going to be interesting. The discussion below is about closed sales in June.

Closed sales of single-family houses in California plunged by 8.4% in June from May and by 20.9% from a year ago. Closed sales of condos plunged by 27.0% from a year ago. Beyond the three lockdown months of 2020, June sales were the lowest since 2008.

All of the five regions had double-digit year-over-year sales declines and in three of them, sales plunged by over 25%: Southern California, San Francisco Bay Area, and Inland Empire.

via wolfstreet.com