California home sales dropped 7.8% in March, prices up 6%
The statewide median price recorded a strong year-over-year gain in March, climbing 7.7% to $854,490
California home sales dropped in March, while prices continued to increase, according to figures released by the California Association of Realtors.
Sales decreased on a year-over-year basis in all major regions except the Central Coast, and sales in Southern California experienced the second-biggest drop from a year ago, declining 7.8%.
Statewide, existing, single-family home sales totaled 267,470 in March on a seasonally adjusted annualized rate, down 7.8% from 290,020 in February and down 4.4% from 279,700 a year ago.
The statewide decline followed increases in January and February.
“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,” CAR President Melanie Barker said. “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.”
The statewide median price recorded a strong year-over-year gain in March, climbing 7.7% to $854,490 — a 6% increase from last month.
The median number of days it took to sell a California single-family home in March was 19 days, down from 24 days in March 2023.
Geographically speaking
All major regions in the state registered an annual increase in their median price from a year ago, according to CAR. The median price of an existing single-family home in Southern California jumped 11.1% year-over-year to $850,000, a 3% increase from last month.
The median price in the Los Angeles metro area rose 1.4% from last month to $801,000, a 9% increase from last year at this time.
The median price in Los Angeles County declined by 1.5%, however, dropping from $817,100 in February to $805,100 in March. Orange County saw its median home price increase 3.7% from February to $1.4 million, 12% higher than last year at this time.
San Mateo County recorded the highest median home price in March at a whopping $2.17 million — up 12.9% from the $1.922 million in February. Marin County’s median price was second-highest at $1.957 million — up 21.6% from last month.
Lassen County has the lowest median price in March at $247,000, down 6.1% from February.
In Southern California, the lowest median price was Imperial County’s $349,000, down 1.7% from last month.