California Home Sales Drop in March, Prices Continue to Rise: CAR Reports

California home sales dropped in March, but prices continued to rise, according to the latest data from the California Association of Realtors. Despite the decrease in sales, the median home price in the state reached a seven-month high, showing that the housing market remains competitive.

Sales were down on a year-over-year basis in all major regions of the state, with Southern California experiencing the second-largest drop at 7.8%. Statewide, existing single-family home sales totaled 267,470 in March, a 7.8% decrease from February and a 4.4% decrease from the previous year.

Despite the decline in sales, the median home price in California saw a strong year-over-year gain of 7.7%, reaching $854,490. Homes were also selling quicker than last year, with the median number of days on the market dropping to 19 days.

In terms of regional trends, all major regions in the state saw an annual increase in their median home price. In Southern California, the median price of an existing single-family home jumped 11.1% year-over-year to $850,000. The Los Angeles metro area saw a 1.4% increase in median price to $801,000, while Orange County’s median home price increased by 3.7% to $1.4 million.

San Mateo County recorded the highest median home price in March at $2.17 million, followed by Marin County at $1.957 million. On the other end of the spectrum, Lassen County had the lowest median price at $247,000.

Overall, while home sales may have slowed in March, the California housing market continues to show strength with increasing prices and a competitive landscape for buyers and sellers alike.