A hot market and low inventory created a price and sales surge for California last month, according to the California Association of Realtors.
April’s statewide median home price was $813,980, up 7.2 percent from March and up 34.2 percent from April 2020. April’s median home price broke last month’s record. Additionally, the year-over-year price gain was the highest ever recorded, and it was the first time since June 2013 that the state recorded an annual increase of over 30 percent.
Existing, single-family home sales totaled 458,170 in April on a seasonally adjusted annualized rate, up 2.6 percent from March and up 65.1 percent from April 2020.
Year-to-date statewide home sales were up 26.2 percent in April.
“California continues to experience one of the hottest housing markets as homes sell at the fastest pace ever, with the share of homes sold above asking price, the price per square foot and the sales-to-list price all at record highs, while active listings remain at historic lows,” said C.A.R. President Dave Walsh, vice president and manager of the Compass San Jose office. “The high demand and shortage of homes for sale, driven by these market factors, continued to drive up home prices and shatter the record-high set just last month.”
At the regional level, all regions saw sharp sales gains in April, with each region growing more than 38 percent from last year. The San Francisco/ Bay Area had the highest year-over-year increase of 101.4 percent, with five of its nine counties growing by triple digits from a year ago. The Central Coast came in second with an increase of 81.7 percent, followed by Southern California at 65.5 percent, the Central Valley at 39.8 percent and the Far North at 38.8 percent.
The median sold price for Southern California in April was $750,000, up from $705,000 a month prior and $583,000 in April 2020.