The Golden State’s strong start to the new year hit a bit of a speed bump last month according to the California Association of Realtors. CAR’s latest report found that existing-home sales fell 1 percent in March, totaling 281,050.
Compared to March 2022, sales were down 34.2 percent.
“Despite a dip in March home sales, the competitiveness in the housing market continues to heat up, as homes are selling faster, and the sales-to-list-price ratio is improving, all the while when the number of homes available for sale continues to tighten,” said CAR President Jennifer Branchini. “All signs point to a market with solid demand, which should help bolster sales through the homebuying season.”
For the first time in months, the statewide median home price increased in March to $791,490, up 7.6 percent from February and down 7 percent from March 2022.
At the regional level, all regions except the Central Valley continued to record annual sales declines of more than 30 percent, with the Far North dropping the most, down 38.9 percent. The San Francisco Bay Area followed closely behind with a sales decrease of 35.5 percent from a year ago, while Southern California and the Central Coast both declined sharply from last March.
Check back for our regional breakdowns for both SoCal and NorCal on Thursday.