It may be a minimal raise, but it’s a raise nonetheless! The California Association of Realtors has released its monthly existing-home sales report and found that home sales were up 0.4 percent throughout the state in January.
That marks the second consecutive month of sales increases in the Golden State. Year-to-date, however, statewide home sales were down 45.7 percent in January.
Last month’s statewide median home price was $751,330, down 3 percent percent from December and and down 1.9 percent percent from January 2022.
“Thanks to slightly waning interest rates and tempering home prices, California’s housing market kicked off the new year with another step up and continued to improve in January as buyers gained more confidence in purchasing a home and the affordability outlook improving slightly,” said CAR President Jennifer Branchini. “While the monthly sales gains have been nominal over the past two months, the market is moving in the right direction, and more gradual improvements could be coming in the months ahead as the market moves into the spring homebuying season in a few weeks.”
At the regional level, all major regions recorded year-over-year sales drops of more than one-third. The Central Valley dropped the most of all regions, down 43.3 percent. Southern California sales were down 41.1 percent, while the San Francisco Bay Area saw sales slide 36.9 percent.
At the regional level, median home prices dropped from a year ago in all major regions, with the San Francisco Bay Area declining the most and by double-digits year-over-year (down 14.6 percent from a year ago).