Mixed Results in Latest California Housing Data

May 21, 2018

Gavin Newsom, who was sworn in as California’s Governor earlier this month, has filed his first lawsuit related to the state’s affordable housing policies

Single-home sales in California totaled 416,790 units in April, according to new data from the California Association of Realtors (CAR). This represented a 1.7 percent decline from the 423,990 level in March and a 2.2 percent uptick from the revised April 2017 level of 407,960.

The statewide median price rose by 3.5 percent in April to reach $584,460, up from a revised $564,830 in March, and it was 8.6 percent higher than a revised $537,950 in April 2017. The California condo/townhome median price was $476,010 last month, up 2.1 percent from the revised $466,420 price in March and up 9.1 percent from $436,390 a year ago.

The Bay Area counties led the state in sales, with Alameda recording double-digit annual sales gain of 14.5 percent. Santa Clara, Contra Costa, and Sonoma followed in the top sales rankings with annualized gains of 8.7 percent, 7.1 percent, and 6.8 percent, respectively.

Statewide active listings reversed nearly three years of decreases with a 1.9 percent annualized increase in April. The statewide unsold inventory index rose in April to 3.2 months from 2.9 months in March, but it was slightly lower than the 3.3 months level set in April 2017. The median number of days it took to sell a California single-family home remained low at 15 days in April, down two days from one year earlier.

“After nearly three years of decline in active listings, we’re finally seeing an improvement in the availability of homes for sale, which is encouraging for prospective buyers as we enter the busy spring home-buying season,” said CAR President Steve White. “However, entry-level buyers may continue to experience the housing shortage as homes priced under $300,000 continue to bear the brunt of inventory issues.”

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Phil Hall

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May 21, 2018

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