Spring sales in California were off to a positive start last month. According to the California Association of Realtors, existing-home sales increased 3 percent last month. Annually, sales were up 4.4 percent.
April’s statewide median home price was up 5.8 percent to $904,210. That marks the first time the statewide median home price exceeded $900,000, setting a new record-high.
“April’s rebound in both home sales and price shows the resilience of California’s housing market and is a signal that buyers and sellers are beginning to adjust to the higher interest rate environment,” said CAR President Melanie Barker. “Market fundamentals are showing signs of improvement, and competition is on the rise again; homes are selling faster and nearly half the share of homes is selling above asking price—the highest in nine months.”
Sales of homes priced at or above $1 million dollars in California surged 39.8 year-over-year in April, while the sub-$500,000 segment declined again moderately at 8 percent.
At the regional level, sales for all major regions were up in April both month-over-month and year-over-year. The San Francisco Bay Area saw sales jump 23.1 percent annually, while SoCal sales increased by 8.7 percent.
New active listings at the state level increased from a year ago for the fourth consecutive month by double digits, with 49 out of the 51 counties tracked by CAR posting more new active listings than they did a year earlier.
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