Skip to main content

California Median Home Price Sinks 6.5 Percent

Phil Hall
Feb 26, 2020
Photo credit: Getty Images/NAPA74

The median price for a California residential property fell by 6.5 percent from December's revised $614,880 to $575,160 in January, according to a new report from the California Association of Realtors (CAR). The January median price was the largest drop in the last seven years. However, on a year-over-year basis, the median price was up 7.1 percent from $536,830 one year earlier, which made January the fourth straight month that the median price registered an annual growth of six percent or higher.
 
Last month, California’s single-family home sales totaled a seasonally-adjusted annualized rate of 395,550 units in January, a 0.7 percent dip from the 398,370 level in December. January was the second straight month that sales fell below the 400,000 benchmark. Nonetheless, sales were up by 10.3 percent from January 2019, which CAR attributed to the weak revised figure of 358,540 sales one year ago.
 
"The strong sales momentum that we saw in the second half of last year carried over into the new year, thanks to favorable homebuying conditions," said 2020 CAR President Jeanne Radsick. "And while home sales were up double-digits from a year ago, it's important to remember that current sales are being compared to a market that one year ago was at its lowest level in 10 years as economic uncertainties clouded the market outlook while the government shutdown delayed escrow closings."

 
Published
Feb 26, 2020
Embrace Home Loans Hires Castiglioni As VP Of Market Growth

Former Wells Fargo exec also will manage growing national condo program

Industry News
Sep 23, 2021
Guaranteed Rate Opens New Branch In Southwestern Michigan

Guaranteed Rate expanded its presence in Southwester Michigan, after opening a new branch in St. Joseph

Industry News
Sep 22, 2021
Chinese Property Giant Evergrande Falters, Threatening U.S. Investors

On Monday, investors across three continents dumped their stocks, mainly out of fear that the world’s two largest governments — the United States and China — would undercut the beginnings of a global economic recovery. 

Industry News
Sep 22, 2021
Compass Mortgage Expands In Four Additional States

Compass Mortgage is now licensed in Virginia, Washington, North Carolina and South Carolina.

Industry News
Sep 22, 2021
Enact Holdings Completes IPO

Genworth Financial Inc. announced the completion of the initial public offering for its subsidiary Enact Holdings Inc.

Industry News
Sep 21, 2021
Offerpad Expands Into Kansas City, St. Louis

Tech-Enabled Platform For Real Estate Transactions Now In 20 Markets

Industry News
Sep 20, 2021