Much like we saw with last week’s national numbers, California’s April home sales also took a hit. According to the California Association of Realtors, existing-home sales fell 4.7 percent last month totaling 267,880.
Year-to-date statewide home sales were down 37.4 percent last month.
“While home sales declined in April, the market is getting more competitive as we’re seeing time on the market before selling down to 20 days in April from 33 days in January and the share of homes sold above asking price double from one in five at the beginning of the year to more than two in five in April,” said CAR President Jennifer Branchini. “This increase in market competition continued to provide support to the statewide median home price in April, which climbed above $800,000 for the first time in six months.”
April’s statewide median home price was $815,340, up 3 percent from March and down 7.8 percent from April 2022. April’s median price was lower on a year-over-year basis for the sixth consecutive month, declining 7.8 percent from the revised $884,680 recorded last April.
At the regional level, sales declines accelerated in all regions, with the Central Coast dropping the most, down 42.8 percent. Stay tuned for our monthly regional reports, coming out May 23.