California Existing-Home Sales Rebound To Six-Month High

The new year was off to a roaring start when it came to home sales in California. According to the California Association of Realtors, existing-home sales hit a six-month high with 256,160 transactions in January—up 14.4 percent from December 2023.

According to CAR, while the increase in January was the first year-over-year sales gain in 31 months, the sales pace stayed below the 300,000-unit threshold for the 16th straight month and will likely stay below that level in the first quarter of 2024. Year-to-date statewide home sales were down 5.9 percent.

“It’s encouraging to see California’s housing market kick off the year with positive sales growth in January,” said CAR President Melanie Barker. “While we’ll likely experience some ups and downs in home sales in the coming months as rates continue to fluctuate, the lending environment is expected to be more favorable in 2024, so the market should see more pent-up demand translate into sales.”

January’s statewide median home price was $788,940, down 3.8 percent from December and up 5 percent from $751,700 in January 2023. All but one major region recorded an annual increase in their median prices, save for the Far North.

Unsold inventory statewide increased 28 percent on a month-over-month basis. Active listings at the state level dipped again on a year-over year basis for the 10th straight month, but the decline was the smallest.