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 dropped sharply as a result of the COVID-19 pandemic. The slump deepened in May, as the state recorded barely half as many sales as in May 2019. 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 twelve largest markets. The graph suggests that home sales bottomed out in the middle of May and have since recovered somewhat but remain severely depressed.