Home sales can be a good indicator of the health of the state’s economy and housing markets. California home sales were running at a relatively high level earlier in the year, but have since dropped as a result of the COVID-19 pandemic. The graph below shows unadjusted home sale counts according to Redfin, a national real estate brokerage.
This next graph compares each week in 2020 to the comparable week in 2019 using Redfin data for California’s major markets which cover most of the state. The graph shows that the dropoff from 2019 to 2020 accelerated as April went on. So far, there is little evidence that housing markets are stabilizing.