As we reported yesterday, California’s statewide existing-home sales fell 4.7 percent last month, with sales declining in all regions. At the regional level, median home prices continued to drop from a year ago in all major regions, but only one region posted a double-digit decline compared to three regions in the prior month, according to the California Association of Realtors.
The San Francisco Bay Area remained the region with the biggest annual sales price drop, down 16.7 percent, as six out of nine counties fell more than 10 percent year-over-year.
Alameda, Contra Costa, Marin, Napa, San Francisco and San Mateo also saw prices decline between 14-22 percent. It should, of course, be noted that these counties are also home to some of the most expensive homes in the state…
San Mateo maintained the highest media sold price last month at $1,970,000, down from $2,401,000 in April 2022. On a monthly basis, San Mateo County actually saw median sale prices increase 5.9 percent.
Santa Clara County also saw a price bump up 5.9 percent to $1,800,000 last month. Compared to April 2022, prices were down 8.6 percent.
San Francisco’s median sale price fell to $1,587,500 last month, down 6.6 percent on a monthly basis and down 22.8 percent annually.
Elsewhere in NorCal, Sacramento County’s prices rebounded 3 percent to $515,000 compared to March 2023. San Benito County saw the largest annual price decline in the Central Valley region, down 10.7 percent to $768,000 in April 2023.
Placer County prices were down 9.3 percent annually to $650,000.