"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."
"California house hunters remain hesitant because prices remain stubbornly high. June's $755,000 median selling price was an all-time high after gaining 6% in three turbulent years. That price gain is a decided cooling from the 39% jump between 2019 and 2022. But it's worth noting that prices slipped 26% in the three years before 2008's debacle. Don't overlook the role of those mid-crash discounts in spurring that era's homebuying rebound."
First-half 2025 sales in California totaled 158,086 residences, 7% below the 169,946 homes sold in the first half of 2008. Rankings of first-half sales since 2005 place 2024 as the lowest start, 2023 second-lowest, 2025 third-lowest, 2020 fourth, and 2008 fifth. June's median selling price reached $755,000, up 6% over three years and far above levels that improve affordability. Prices fell 26% in the three years before 2008, leading to a 33% sales rebound 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 as financing costs rose toward 7%.
Read at The Mercury News
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