I am pasting this market update from “Property Radar,” a newsletter I have subscribed to for years.
California Median Home Prices and Sales Retreat in May
Median Home Prices Fall 1.8 Percent to $396,750,
Sales Down 3.5 Percent
“With the exception of a few counties, price increases have slowed considerably. You cannot defy gravity. The environment of rising prices on lower sales volumes was destined not to last. Higher borrowing costs since the beginning of the year and decreased affordability was bound to impact sales sooner or later. We may also be seeing the fourth year in a row where prices jumped early in the year, only to roll-over and head lower later the rest of the year.”
This is exactly what I have been seeing lately in Nevada County and Lake of the Pines.