July 15, 2024

California home sales stumble

California home sales
California home sales

*Information from C.A.R. press release. Latest data from April 2019.

Low interest rates provided a much needed push to jump-start the spring homebuying season. Median home prices across the state have been softening since last summer.  Flattening home prices, coupled with low rates, improved housing affordability. Housing demand, however, remained muted entering the spring homebuying season, with sales down 4.8 percent from last year.

California home sales stumble

* Existing, single-family home sales totaled 396,760 in April on a seasonally adjusted annualized rate, down 0.1 percent from March and down 4.8 percent from April 2018.

* April’s statewide median home price was $602,920, up 6.5 percent from March and up 3.2 percent from April 2018.

* Sales of condominiums/townhomes were down 3.8 percent from a year ago in April, while the median price was $470,000.

* Year-to-date sales were down 7.3 percent in April.

California home sales remained muted entering the spring homebuying season as soft buyer demand continues to challenge the market, the CALIFORNIA ASSOCIATION OF REALTORS® (C.A.R.) said today.

Closed escrow sales of existing, single-family detached homes in California totaled a seasonally adjusted annualized rate of 396,760 units in April, according to information collected by C.A.R. from more than 90 local REALTOR® associations and MLSs statewide. The statewide annualized sales figure represents what would be the total number of homes sold during 2019 if sales maintained the April pace throughout the year. It is adjusted to account for seasonal factors that typically influence home sales.

April’s sales figure was down 0.1 percent from the 397,210 level in March and down 4.8 percent from home sales in April 2018 of 416,750. Sales remained below the 400,000 level for the ninth consecutive month and have fallen on a year-over-year basis for a full year.