California Listings Magazine 4-24-23 - Flipbook - Page 10
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California Existing-Home Sales Dipped
In March As Interest Rates Rose
The Golden State’s strong start to the new year hit a
bit of a speed bump last month according to the California Association of Realtors. CAR’s latest report found
that existing-home sales fell 1 percent in March, totaling
281,050.
the homebuying season.”
Compared to March 2022, sales were down 34.2 percent.
At the regional level, all regions except the Central Valley continued to record annual sales declines of more
than 30 percent, with the Far North dropping the most,
down 38.9 percent. The San Francisco Bay Area followed closely behind with a sales decrease of 35.5 percent from a year ago, while Southern California and the
Central Coast both declined sharply from last March.
“Despite a dip in March home sales, the competitiveness in the housing market continues to heat up, as
homes are selling faster, and the sales-to-list-price ratio
is improving, all the while when the number of homes
available for sale continues to tighten,” said CAR President Jennifer Branchini. “All signs point to a market with
solid demand, which should help bolster sales through
For the first time in months, the statewide median home
price increased in March to $791,490, up 7.6 percent
from February and down 7 percent from March 2022.
Check back for our regional breakdowns for both SoCal
and NorCal on Thursday.