Yes, there is good news for California home buyers, but home sellers take heed and pay close attention.  I am excerpting and quoting from Madeline Schnapp’s post (Director of Economic Research for Property Radar) on her June 2014 report.
California single-family home sales were down 12.6 percent from June 2013.
Year-to-date sales for the first six months of the year are the lowest since 2008.
The lack of distressed property inventory (foreclosures and short sales) and rapid increase in median prices have definitely taken a toll on demand.
The June 2014 median price of a California home reached its highest level since December 2007.
But . . . the nearly uninterrupted double-digit monthly increases in median home prices from August 2012 through March 2014 have slowed considerably.
That’s good news for buyers who were finding themselves rapidly priced out of the market.
Going forward, we expect low sales volumes and flat prices until increased supply or looser credit forces prices even lower.
Did you get that?  Forces prices even lower.
Like all markets, real estate is cyclic.  Right now, buyers are gaining a bit of ground on sellers who have had it their way for the past couple of years.
Here’s the link to Schnapp’s full report:  http://www.propertyradar.com/reports/real-property-report-california-june-2014