The California housing market continues to grapple with supply constraints
California’s housing market has been a focal point of interest for real estate enthusiasts, and the June 2023 sales and price report provides insights into its current state. Despite the hope for an increase in active listings, the market continues to face challenges, with only 25,673 properties available for sale. This limited supply has fueled the ongoing surge in the price/square foot, which now stands at a steep $414.
However, for prospective buyers, the situation remains tough, as the time on the market has dropped significantly to the lowest level in 10 months, with properties being sold in just 15 days on average. This indicates a highly competitive and fast-paced environment, where quick decisions and assertiveness are crucial.
As the California housing market continues to grapple with supply constraints and increasing prices, potential buyers must remain vigilant and well-prepared to navigate the current landscape. Meanwhile, sellers enjoy the benefits of reduced time on the market, but it’s essential to stay mindful of market fluctuations to make informed decisions.