Much like the rest of the country, California seems to have had a quiet March on the real estate front. According to the California Association of Realtors, statewide existing-home sales fell 7.8 percent compared to February. Annually, sales were down 4.4 percent.
March’s statewide median home price was $854,490, up 6 percent from February and up 7.7 percent from $793,260 in March 2023.
“While home sales lost momentum in March, the housing market remains competitive as we’re seeing the statewide median home price reaching the highest level in seven months, and homes selling quicker than last year,” said CAR President Melanie Barker. “On the supply side, the market continues to improve with an increasing number of properties being listed on the market as more sellers begin to accept the new normal.”
Sales of homes priced at or above $1 million dollars have been holding up better than their more affordable counterparts. The $1 million-and-higher market segment continued to grow year-over-year in March by 9.9 percent, while the sub-$500,000 segment declined 2.4 percent.
At the regional level, sales decreased on an annual basis in all major regions except the Central Coast. The Central Valley region experienced the biggest drop from a year ago at a decline of 9.6 percent, followed by Southern California (down 7.8 percent), the San Francisco Bay Area (down 5.4 percent) and the Far North (down 4.0 percent). In the Central Coast, sales were up 7.2 percent.
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