The California real estate market has shown signs of recovery in May, with home sales reaching the highest level in eight months and the median home price surpassing $800,000 for the second consecutive month. The market is demonstrating resilience and stability.

The Santa Barbara real estate market remains strong while interest rates hover around 7%. On July 16, 2023, the current average interest rate for a 30-year mortgage was 7.14%. Source: Bankrate

All cash purchases have picked up since last year here in Santa Barbara. All cash sales for June of 2022 were 28%. This year for June? 40%, which probably reflects the dramatic hike in interest rates this year.

MARKET TRENDS FOR SANTA BARBARA REAL ESTATE

116 Homes sold in June of 2023 and 147 Homes sold in June of 2022 Source: Fidelity Title Company

Single-Family Detached Homes Sold in June 2023

Condominiums and Townhomes Sold in June 2023

MID YEAR SANTA BARBARA REAL ESTATE UPDATE

MONTHLY INVENTORY SUPPLY TREND

__________________________________________