Le Lézard
Classified in: Business
Subjects: SVY, ECO, STP

Spring homebuying season kicks off with encouraging start; California median home price sets new all-time high, C.A.R. reports


LOS ANGELES, May 17, 2024 /PRNewswire/ -- California's housing market rebounded in April as sales rose on both a monthly and yearly basis, while the statewide median home price exceeded $900,000 for the first time ever, setting a new record-high, the CALIFORNIA ASSOCIATION OF REALTORS® (C.A.R.) said today.

Infographic: https://www.car.org/Global/Infographics/2024-04-Sales-and-Price

Closed escrow sales of existing, single-family detached homes in California totaled a seasonally adjusted annualized rate of 275,540 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 2024 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 pace rose 3.0 percent from the revised 267,470 homes sold in March and increased 4.4 percent from a year ago, when a revised 263,960 homes were sold on an annualized basis. The sales pace remained below the 300,000-threshold for the 19th consecutive month. Year-to-date home sales grew 1.6 percent.

"April's rebound in both home sales and price shows the resilience of California's housing market and is a signal that buyers and sellers are beginning to adjust to the higher interest rate environment," said C.A.R. President Melanie Barker, a Yosemite REALTOR®. "Market fundamentals are showing signs of improvement, and competition is on the rise again; homes are selling faster and nearly half the share of homes is selling above asking price ? the highest in nine months."

The statewide median price recorded a new all-time high in April, jumping 11.4 percent from $811,510 in April 2023 to $904,210 in April 2024, exceeding the $900,000-benchmark for the first time in history. California's median home price was 5.8 percent higher than March's $854,490. The year-over-year gain was the 10th straight month of annual price increases for the Golden State. Seasonal factors and tight housing supply conditions will continue to put upward pressure on home prices in the coming months.

Sales of homes priced at or above $1 million dollars in California continue to hold up better than their more affordable counterparts in the state in the last few months. Sales in the $1 million-and-higher market segment surged 39.8 year-over-year in April, while the sub-$500,000 segment declined again moderately (-8.0 percent). The change in the mix of sales of homes priced above $1 million made up more than a third (36.4 percent) of all sales ? the largest share in at least the last five years. The growth in sales of higher-priced homes continued to provide upward support to the statewide median price and was partly responsible for the solid increase in year-over-year growth rate at the start of the second quarter.

"While the market performed solidly in April, we don't expect to see a rapid recovery as long as inflation remains sticky and mortgage rates continue to fluctuate despite recent dips," said C.A.R. Senior Vice President and Chief Economist Jordan Levine. "However, housing inventory has also started to increase, which will provide much-needed supply to the market and facilitate a higher level of home sales in the second half of the year."

Other key points from C.A.R.'s April 2024 resale housing report include:

Note:  The County MLS median price and sales data in the tables are generated from a survey of more than 90 associations of REALTORS® throughout the state and represent statistics of existing single-family detached homes only. County sales data is not adjusted to account for seasonal factors that can influence home sales. Movements in sales prices should not be interpreted as changes in the cost of a standard home. The median price is where half sold for more and half sold for less; medians are more typical than average prices, which are skewed by a relatively small share of transactions at either the lower end or the upper end. Median prices can be influenced by changes in cost, as well as changes in the characteristics and the size of homes sold. The change in median prices should not be construed as actual price changes in specific homes.

*Sales-to-list-price ratio is an indicator that reflects the negotiation power of home buyers and home sellers under current market conditions. The ratio is calculated by dividing the final sales price of a property by its original list price and is expressed as a percentage. A sales-to-list ratio with 100 percent or above suggests that the property sold for more than the list price, and a ratio below 100 percent indicates that the price sold below the asking price.

**Price per square foot is a measure commonly used by real estate agents and brokers to determine how much a square foot of space a buyer will pay for a property. It is calculated as the sale price of the home divided by the number of finished square feet. C.A.R. currently tracks price-per-square foot statistics for 51 counties.

Leading the way...® in California real estate for more than 118 years, the CALIFORNIA ASSOCIATION OF REALTORS® (www.car.org) is one of the largest state trade organizations in the United States with more than 180,000 members dedicated to the advancement of professionalism in real estate. C.A.R. is headquartered in Los Angeles.

April 2024 County Sales and Price Activity 
 (Regional and condo sales data not seasonally adjusted)

April 2024

Median Sold Price of Existing Single-Family Homes

Sales

State/Region/County

April

2024

March

2024


April

2023


Price
MTM%
Chg

Price
YTY%
Chg

Sales
MTM%
Chg

Sales
YTY%
Chg

Calif. Single-family
home

$904,210

$854,490


$811,510

r

5.8 %

11.4 %

3.0 %

4.4 %

Calif.
Condo/Townhome

$688,000

$675,000


$634,000


1.9 %

8.5 %

11.3 %

15.6 %

Los Angeles Metro Area

$840,000

$801,000


$740,000


4.9 %

13.5 %

9.5 %

9.0 %

Central Coast

$1,077,500

$950,000


$1,020,000


13.4 %

5.6 %

4.0 %

26.7 %

Central Valley

$493,500

$478,600


$463,000


3.1 %

6.6 %

8.8 %

11.3 %

Far North

$364,900

$374,950


$385,000


-2.7 %

-5.2 %

6.5 %

9.4 %

Inland Empire

$607,000

$594,250


$565,000


2.1 %

7.4 %

1.2 %

1.5 %

San Francisco Bay Area

$1,444,000

$1,386,500


$1,250,000


4.1 %

15.5 %

25.5 %

23.1 %

Southern California

$880,000

$850,000


$785,000


3.5 %

12.1 %

8.8 %

8.7 %











San Francisco Bay Area










Alameda

$1,401,250

$1,400,000


$1,225,000


0.1 %

14.4 %

19.2 %

20.3 %

Contra Costa

$940,000

$890,000


$900,000


5.6 %

4.4 %

41.2 %

19.4 %

Marin

$1,700,000

$1,957,500


$1,790,000


-13.2 %

-5.0 %

49.0 %

2.1 %

Napa

$950,000

$880,000


$815,000


8.0 %

16.6 %

42.4 %

37.7 %

San Francisco

$1,800,000

$1,745,000


$1,587,500


3.2 %

13.4 %

31.7 %

27.9 %

San Mateo

$2,150,000

$2,170,000


$1,970,000


-0.9 %

9.1 %

28.1 %

51.8 %

Santa Clara

$2,000,000

$1,910,000


$1,800,000


4.7 %

11.1 %

24.8 %

40.8 %

Solano

$590,000

$584,950


$580,000


0.9 %

1.7 %

3.3 %

-6.0 %

Sonoma

$850,000

$865,000


$840,000


-1.7 %

1.2 %

14.3 %

17.5 %

Southern California










Imperial

$377,500

$349,000


$338,000


8.2 %

11.7 %

-26.8 %

-19.6 %

Los Angeles

$825,970

$805,100


$738,520


2.6 %

11.8 %

11.7 %

9.0 %

Orange

$1,440,000

$1,400,000


$1,225,000


2.9 %

17.6 %

16.6 %

24.7 %

Riverside

$650,000

$640,000


$615,000


1.6 %

5.7 %

2.1 %

-0.4 %

San Bernardino

$516,080

$499,900


$450,000


3.2 %

14.7 %

-0.5 %

5.3 %

San Diego

$1,047,500

$1,020,000


$930,000


2.7 %

12.6 %

7.5 %

8.8 %

Ventura

$940,000

$918,040


$885,500


2.4 %

6.2 %

29.6 %

10.7 %

Central Coast










Monterey

$986,500

$932,500


$952,500


5.8 %

3.6 %

-8.2 %

8.1 %

San Luis Obispo

$894,500

$850,000


$925,000


5.2 %

-3.3 %

3.3 %

30.1 %

Santa Barbara

$1,400,000

$1,015,000


$1,080,500


37.9 %

29.6 %

-2.4 %

20.1 %

Santa Cruz

$1,420,000

$1,300,000


$1,349,500


9.2 %

5.2 %

37.5 %

63.5 %

Central Valley










Fresno

$421,940

$413,000


$413,000


2.2 %

2.2 %

-3.5 %

-2.1 %

Glenn

$362,000

$340,000


$349,000


6.5 %

3.7 %

-9.1 %

-9.1 %

Kern

$377,000

$382,180


$375,000


-1.4 %

0.5 %

10.4 %

14.5 %

Kings

$379,000

$345,000


$361,000


9.9 %

5.0 %

9.0 %

-5.2 %

Madera

$457,500

$435,000


$420,000


5.2 %

8.9 %

7.0 %

23.2 %

Merced

$399,000

$392,000


$365,120


1.8 %

9.3 %

5.9 %

25.0 %

Placer

$671,740

$659,000


$650,000


1.9 %

3.3 %

21.8 %

26.8 %

Sacramento

$548,580

$550,000


$515,000


-0.3 %

6.5 %

11.7 %

9.0 %

San Benito

$807,500

$768,000


$768,000


5.1 %

5.1 %

-3.0 %

18.5 %

San Joaquin

$540,000

$550,000


$520,000


-1.8 %

3.8 %

13.3 %

21.5 %

Stanislaus

$485,000

$460,000


$451,000


5.4 %

7.5 %

12.3 %

6.2 %

Tulare

$379,990

$374,990


$357,000


1.3 %

6.4 %

-5.2 %

4.8 %

Far North










Butte

$450,000

$434,000


$469,000


3.7 %

-4.1 %

6.9 %

10.7 %

Lassen

$205,000

$247,000


$252,950


-17.0 %

-19.0 %

60.0 %

-20.0 %

Plumas

$320,000

$407,500


$319,250


-21.5 %

0.2 %

25.0 %

25.0 %

Shasta

$360,000

$364,000


$390,000


-1.1 %

-7.7 %

0.0 %

17.9 %

Siskiyou

$281,500

$350,000


$289,000


-19.6 %

-2.6 %

64.7 %

-9.7 %

Tehama

$309,750

$286,250


$315,000


8.2 %

-1.7 %

0.0 %

-4.8 %

Trinity

$212,000

$360,000


$307,500


-41.1 %

-31.1 %

-50.0 %

-16.7 %

Other Calif. Counties










Amador

$426,500

$482,500


$475,000


-11.6 %

-10.2 %

41.2 %

45.5 %

Calaveras

$493,000

$454,500


$495,000


8.5 %

-0.4 %

25.0 %

46.3 %

Del Norte

$445,000

$381,250


$315,000


16.7 %

41.3 %

-33.3 %

-7.7 %

El Dorado

$757,000

$677,000


$717,220


11.8 %

5.5 %

27.7 %

27.0 %

Humboldt

$400,000

$429,970


$439,000


-7.0 %

-8.9 %

23.5 %

18.3 %

Lake

$340,000

$315,000


$317,000

r

7.9 %

7.3 %

0.0 %

15.7 %

Mariposa

$549,500

$415,000


$425,000


32.4 %

29.3 %

-12.0 %

340.0 %

Mendocino

$583,500

$375,000


$485,000


55.6 %

20.3 %

7.0 %

84.0 %

Mono

$1,077,380

$1,250,000


$1,177,750


-13.8 %

-8.5 %

-72.7 %

-25.0 %

Nevada

$599,000

$525,000


$550,000


14.1 %

8.9 %

13.7 %

23.9 %

Sutter

$428,500

$403,200


$405,000


6.3 %

5.8 %

-8.1 %

-26.1 %

Tuolumne

$452,000

$400,000


$419,050


13.0 %

7.9 %

22.2 %

-5.2 %

Yolo

$615,000

$635,830


$605,000


-3.3 %

1.7 %

0.0 %

11.2 %

Yuba

$427,950

$452,570


$447,450


-5.4 %

-4.4 %

58.6 %

39.4 %

r = revised
NA = not available

April 2024 County Unsold Inventory and Days on Market 
 (Regional and condo sales data not seasonally adjusted)

April 2024

Unsold Inventory Index

Median Time on Market

State/Region/County

April

2024

March

2024


April

2023


April

2024

March

2024


April

2023


Calif Single-family home

2.6

2.6


2.5


16.0

19.0


20.0


Calif. Condo/Townhome

2.5

2.6


2.2


19.0

18.0


19.0


Los Angeles Metro Area

2.7

2.7


2.6


21.0

23.0


25.0


Central Coast

3.0

2.9


3.1


13.0

16.0


17.0


Central Valley

2.6

2.6


2.4


16.0

19.0


19.0


Far North

4.7

4.3


4.3

r

26.0

33.5


30.0


Inland Empire

3.3

3.1


2.8


28.0

32.0


32.0


San Francisco Bay Area

1.9

2.0


1.9


12.0

13.0


14.0


Southern California

2.6

2.6


2.5


19.0

20.0


22.0













San Francisco Bay Area











Alameda

1.4

1.3


1.3


10.0

11.0


11.0


Contra Costa

1.5

1.7


1.4


10.0

10.0


10.0


Marin

2.8

3.2


2.1


41.0

42.0


37.0


Napa

3.9

5.0


4.4


49.5

61.0


43.0


San Francisco

1.8

2.1


2.4


26.5

29.0


31.0


San Mateo

1.8

2.2


2.6


8.0

9.0


11.0


Santa Clara

1.5

1.6


1.9


7.0

8.0


8.0


Solano

2.7

2.5


1.9


39.0

37.0


34.0


Sonoma

3.1

2.8


2.7


45.0

51.5


52.0


Southern California











Imperial

2.8

1.7


NA


13.0

13.0


21.0


Los Angeles

2.6

2.6


2.6


17.5

20.0


22.0


Orange

2.1

2.2


2.3


18.0

18.0


19.0


Riverside

3.1

3.0


2.7


28.0

31.0


32.0


San Bernardino

3.7

3.4


3.2


27.0

36.0


30.0


San Diego

2.2

2.2


1.9


12.0

12.0


12.0


Ventura

2.5

2.9


2.2


27.0

28.5


28.0


Central Coast











Monterey

3.6

2.8


3.0


10.0

14.0


18.0


San Luis Obispo

2.9

2.8


3.2


18.5

22.0


22.0


Santa Barbara

3.0

2.7


2.5


10.0

13.0


15.0


Santa Cruz

2.7

3.3


3.9


11.0

15.5


15.0


Central Valley











Fresno

3.2

2.8


2.6


18.0

19.0


19.0


Glenn

4.1

3.4


3.5


15.0

12.0


32.0


Kern

2.4

2.6


2.4


19.0

19.0


15.0


Kings

2.5

2.7


2.1


19.0

11.0


14.0


Madera

3.8

4.0


4.2


31.0

33.0


35.0


Merced

2.6

2.2


2.7


20.0

16.0


15.5


Placer

2.5

2.7


2.6


20.0

24.0


24.0


Sacramento

2.1

2.2


1.8


13.0

15.0

r

18.0


San Benito

4.1

3.6


3.7


24.0

34.0


26.0


San Joaquin

2.3

2.4


2.5


16.0

18.0


25.0


Stanislaus

2.6

2.6


2.1


13.0

14.0


14.0


Tulare

3.0

2.6


2.6


20.0

20.0


22.0


Far North











Butte

3.3

3.2


3.3


19.0

17.0


25.0


Lassen

7.0

9.3


4.8


58.5

95.0


43.0


Plumas

6.6

5.5


6.6


60.0

132.0


55.0


Shasta

4.0

3.3


4.3


21.0

30.0


22.0


Siskiyou

8.3

10.9


5.5


63.0

57.0


52.0


Tehama

6.6

5.6


6.0


97.5

50.5


58.0


Trinity

18.4

8.9


NA


165.0

121.0


49.0


Other Calif. Counties











Amador

5.1

6.6


5.3


37.0

35.0


38.0


Calaveras

4.9

5.2


4.9


48.5

34.5


80.0


Del Norte

7.8

4.7


6.5


17.5

77.0


16.0


El Dorado

3.4

3.8


3.0


24.5

27.0


30.5


Humboldt

5.8

6.8


5.0


22.5

16.5


17.0


Lake

6.2

5.9


7.0

r

62.0

55.0


54.0

r

Mariposa

3.9

3.4


15.4


28.0

17.0


171.0


Mendocino

6.7

6.5


11.4


60.0

94.0


60.0


Mono

8.0

1.6


5.8


7.0

46.0


20.0


Nevada

4.6

4.0


4.4


19.0

55.0


29.0


Sutter

4.1

3.5


2.7


36.5

18.0


22.5


Tuolumne

4.9

4.9


3.2


17.0

84.0


33.5


Yolo

2.5

2.8


2.4


16.0

18.5


11.5


Yuba

2.8

4.0


3.1


27.0

39.0


29.5


r = revised
NA = not available

SOURCE CALIFORNIA ASSOCIATION OF REALTORS® (C.A.R.)


These press releases may also interest you

at 22:18
TSX VENTURE COMPANIES BULLETIN V2024-1813 BULLETIN TYPE: OtherBULLETIN DATE: June 14, 2024Tier 1 and Tier 2 Companies Mandatory Trading and Settlement Rules for Securities Trading in US Dollars Further to the TSX Staff Notice #2024-0005 dated May 27,...

at 21:26
Note: All times local Apulia, Italy 9:10 a.m.        The Prime Minister will hold a media availability. Note for media: Open coverage9:50 a.m.        The Prime Minister will meet with the Prime Minister of Italy, Giorgia Meloni. Note for media:...

at 20:35
Interfield Global Software Inc. (Cboe CA: IFSS) (the ??"Company")? is pleased to announce that it has filed its (i) audited annual financial statements, management's discussion and analysis ("MD&A"), annual information form and related...

at 19:59
ChoiceCash, a leading title loan brand offering auto equity loans to subprime...

at 19:25
Discovery Silver Corp. ("Discovery" or the "Company") today announced an agreement (the "Agreement") to engage the services of ICP Securities Inc. ("ICP") to provide automated market making services, including the use of its proprietary algorithm,...

at 19:15
Peterson Acquisitions has once again risen above the competition, showcasing their unparalleled expertise and dedication as the premier nationwide business brokerage. With offices coast to coast, including a recent success in South Dakota where...



News published on and distributed by: