California Housing Market report: Sales and prices show rebound, but don’t expect a rapid recovery

The California Association of Realtors reported in May that home sales rose to the highest level in eight months and the statewide median price remained above $800,000. The San Francisco Bay Area experienced the biggest sales lag and price drop compared to the same time last year, but month-over-month sales and prices bounced back in most parts of the Bay Area. Santa Clara and San Mateo Counties experienced a decrease in home sales compared to the same time last year, but an increase in the median price. The severe lack of inventory was attributed to fewer home sales and recent price gains.