California Housing Market Returns to Pre-Pandemic Norms: Redfin Report

The housing market in California is showing signs of returning to pre-pandemic norms, according to a recent report from Redfin. The Redfin Home Price Index ranks the 50 largest metros based on changes in home prices, supply, pending sales, and more.

In Southern California, cities like Los Angeles, Anaheim, Riverside, and San Diego have seen significant increases in home prices from 2023 to 2024. In Northern California, cities like San Francisco, San Jose, Oakland, and Sacramento have also experienced price growth.

Overall, U.S. home prices have climbed 6.7 percent from February 2023 to February 2024, similar to pre-pandemic levels. The housing market saw fluctuations during the pandemic, but is now stabilizing as interest rates remain high but less volatile.

Despite an increase in listings, the housing supply remains below pre-pandemic levels. The report suggests that while elevated mortgage rates have impacted buyer demand, it has not led to lower home prices due to the limited inventory.

The Redfin index methodology is based on sale prices of homes during a specific period and how prices have changed since the last time those homes were sold. Overall, the housing market in California and across the U.S. is showing signs of recovery and stability post-pandemic.