California-Listings-Magazine-June-7-2023 - Flipbook - Page 8
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$4.995M | 610 Malabar Drive, Corona del Mar, CA 92625 | Listing by Tim Tamura | (949) 278-1003
California Sees Spring
Sales Slump
• Prices in SoCal continued to moderate
while Bay Area posts largest annual price
decrease
month and annual price decline, down 5.3 percent and 9.1
percent, respectively. The median sale price in San Bernardino last month was $450,000.
Much like the national numbers, California’s April home
sales also took a bit of hit when it came to existing-home
sales. According to the California Association of Realtors,
sales fell 4.7 percent last month totaling 267,880.
Orange County posted the only $1 million-plus median
sold price within the region last month, down 2 percent
from March 2023 to $1,225,000. L.A. County actually saw
a price bump last month, with the median price coming in
at $738,520—2.8 percent above March 2023. San Diego
was also up some 1.6 percent monthly to $930,000, while
Ventura County prices were up 4.3 percent to $885,500.
Year-to-date statewide home sales were down 37.4 percent last month. April’s statewide median home price was
$815,340, up 3 percent from March and down 7.8 percent
from April 2022.
At the regional level, sales declines accelerated in all regions, with the Central Coast dropping the most, down
42.8 percent.
For the six-county SoCal region, sales fell 7.8 percent
from March and 37.4 percent compared to April 2022.
But it was falling prices that piqued many interests. Even
as the state’s median sale price rose 3 percent from
March, SoCal, as a region, saw a pricing slowdown, up
just 1.9 percent from the month prior.
On an annual basis, prices across Southern California
were down 6.2 percent. San Bernardino had the largest
Up North, the San Francisco Bay Area remained the region with the biggest annual sales price drop, down 16.7
percent, as six out of nine counties fell more than 10 percent year-over-year. Alameda, Contra Costa, Marin, Napa,
San Francisco and San Mateo also saw prices decline between 14-22 percent. It should, of course, be noted that
these counties are also home to some of the most expensive homes in the state.
Elsewhere in NorCal, Sacramento County’s prices rebounded 3 percent to $515,000 compared to March
2023. San Benito County saw the largest annual price
decline in the Central Valley region, down 10.7 percent to
$768,000 in April 2023. Placer County prices were down
9.3 percent annually to $650,000.