California Home Sales and Price Report - April 2024 Summary

California Home Sales and Price Report - April 2024 Summary

California's housing market demonstrated renewed strength in April 2024, marked by increased home sales and record-high prices. This positive trend indicates a potential shift in the market, which had experienced a slowdown for 19 months.

• Sales Rebound: The seasonally adjusted annualized rate of existing single-family home sales reached 275,540 in April, representing a 3% increase from March and a 4.4% rise from April 2023.
• Price Surge: California's median home price hit an unprecedented $904,210, a 5.8% increase from March and a substantial 11.4% leap from April 2023.
• Regional Variations: All major regions in California experienced year-over-year sales growth, with the Central Coast witnessing a remarkable 26.7% surge.
• Inventory and Market Balance: The Unsold Inventory Index (UII) remained stable at 2.6 months, similar to the previous year, suggesting a balanced market with housing supply aligning with demand.

Despite these encouraging signs, experts advise cautious optimism for the future of California's housing market. Factors like persistent inflation and potential mortgage rate volatility create uncertainty. However, a noticeable increase in new listings offers a glimmer of hope, potentially contributing to greater market stability in the latter half of the year.