Skip to main content

California Home Sales Continue to Decline

Phil Hall
Apr 17, 2019
Photo credit: Getty Images/KingWu

California recorded 397,210 single-family home sales in March, according to new data from the California Association of Realtors (CAR). Last month’s sales level was down by a scant 0.2 percent from the revised 398,040 level in February and down by a more substantial 6.3 percent from home sales in March 2018 of 423,990.
"The lowest interest rates in more than a year gave would-be buyers the confidence to enter the housing market and provided a much-needed push to jump-start the spring homebuying season," said CAR President Jared Martin. "Pending sales also showed healthy improvement in March, which suggests a brighter market outlook could be in place in the second quarter."
After hitting a one-year low in February, the statewide median home price rebounded to its highest point since October 2018: $565,880, a 5.9 percent leap from $534,140 in February and a 0.2 percent uptick from a revised $564,820 in March 2018. The median number of days it took to sell a California single-family home fell from 33 days in February to 25 days in March—one year earlier, it took a median number of 16 days to sell a home in the state.
"The median price has been softening since it reached a peak last summer, and March's year-over-year price increase was the smallest in seven years," said CAR Senior Vice President and Chief Economist Leslie Appleton-Young. "The flattening home prices, coupled with low mortgage rates, bode well for housing affordability and may bring more buyers who may have given up back to the market."

Apr 17, 2019
DOJ: Lakeland Bank To Spend $13M To Settle 'Redlining' Claims

Agreement with N.J. bank is the third-largest redlining settlement in Justice Department history.

Industry News
Sep 29, 2022
Angel Oak Layoffs Add To Growing List Of Non-QM Cuts

About 20% of its staff, or 75 people, were affected.

Industry News
Sep 28, 2022
Redwood Trust Names New Chief Investment Officer

Also announces planned CoreVest leadership transition to be completed on 3rd anniversary of acquisition

Industry News
Sep 27, 2022
Fannie Mae Pilot Program Seeks To Help Improve Renters' Credit

Renters, including historically underserved groups, will benefit from paying on time each month.

Industry News
Sep 27, 2022
Suffolk County Data Breach Puts Contracts On Back Burner

Cyberattack beginning Sept. 8 prevents title services from closing loans.

Sep 27, 2022
Nations Lending Opens Another Branch In Arizona

New Scottsdale branch welcomes Arizona native Christine McConnell as lead personal mortgage advisor.

Industry News
Sep 26, 2022