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%.
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.
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