Interest Rate Reprieve Boosts California Home Sales To Highest Level In Eight Months

Statewide median home price notches above $800,000 for second straight month.

  • Existing, single-family home sales totaled 289,460 in May on a seasonally adjusted annualized rate, up 9.8 percent from April and down 23.6 percent from May 2022.
  • May’s statewide median home price was $836,110, up 3.0 percent from April and down 6.4 percent from May 2022.
  • Year-to-date statewide home sales were down 35.1 percent in May.

Los Angeles, CA – June 20, 2023 (PRNewswire) California’s housing market rebounded in May as home sales surged to the highest level in eight months and the statewide median price notched above $800,000 for the second straight month, the CALIFORNIA ASSOCIATION OF REALTORS® (C.A.R.) said today. 

Closed escrow sales of existing, single-family detached homes in California totaled a seasonally adjusted annualized rate of 289,460 in May, according to information collected by C.A.R. from more than 90 local REALTOR® associations and MLSs statewide. The statewide annualized sales figure represents what would be the total number of homes sold during 2023 if sales maintained the May pace throughout the year. It is adjusted to account for seasonal factors that typically influence home sales.

May’s sales pace was up 9.8 percent on a monthly basis from 263,650 in April and down 23.6 percent from a year ago, when a revised 378,640 homes were sold on an annualized basis. Sales of existing single-family homes in California remained below the 300,000-unit pace for the eighth consecutive month. 

Infographic: https://www.car.org/Global/Infographics/2023-05-Sales-and-Price

Interest rate reprieve boosts California home sales to highest level in eight months.
Interest rate reprieve boosts California home sales to highest level in eight months.

“The bounceback in May’s home sales and price shows the resilience of California’s housing market and is a testament to the value that consumers place on homeownership,” said C.A.R. President Jennifer Branchini, a Bay Area REALTOR®. “The housing market is stabilizing and even showing signs of improvement as competition is on the rise again; nearly half of homes are selling above asking price, fewer sellers are reducing listing prices, and homes for sale are going into pending status in just two weeks compared to more than 30 days early this year.”

California’s median home price exceeded $800,000 in May for the second straight month, increasing 3.0 percent from April’s $811,950 to $836,110 in May. The statewide median price continued to rise and reached the highest level in nine months. Tight housing supply and more high-end homes being sold relative to prior months continued to put upward pressure on prices. Despite the improvement from early 2023, the median home price in California dipped 6.4% on a year-over-year basis for the seventh consecutive month from $893,200 in May 2022. The price drop seems to be stabilizing but more negative annual price changes will be observed in the coming months as rates are expected to remain high in the third quarter of 2023.

“While home sales rose solidly in May, we don’t expect to see a rapid recovery because of the lock-in effect that’s keeping prospective sellers with low interest rate mortgages from listing their homes on the market and keeping inventory extremely tight.” said C.A.R. Senior Vice President and Chief Economist Jordan Levine. “Consequently, we expect prices to continue to rise on a month-to-month basis for the next few months because of the shortage of homes for sale. Even with reduced homebuyer demand, California still has more homebuyers than homes to put them in. It is this imbalance between supply and demand that continues to put upward pressure on home prices and nudge the median price up month over month since the beginning of the year.”

Other key points from C.A.R.’s May 2023 resale housing report include:

  • Sales declines moderated at the regional level, with sales in all major regions falling less than 24 percent from the same month last year. The San Francisco Bay Area experienced the biggest sales drop at -23.8 percent from a year ago, followed by Southern California (22.3 percent) and the Far North (21.8 percent). The Central Coast (-17.3 percent) and the Central Valley (-20.0 percent) were the only regions that recorded a drop of 20 percent or less from last year.
  • Forty-nine out of 51 counties tracked by C.A.R. registered a sales decline from a year ago in May, with 36 counties dropping more than 20 percent year-over-year and nine counties falling more than 30 percent from the same month last year. Mariposa (-51.5 percent) had the biggest sales dip in May, followed by Siskiyou (-45.5 percent) and Mendocino (-44.3 percent). Tehama (2.6 percent) was the only county with a year-over-year sales gain.
  • Despite mortgage rates rising sharply since mid-May and peaking late last month at the highest point in six months, the number of pending sales recorded in May remained steady and only dipped slightly by less than 2 percent from the prior month. The consistent level of open-escrow sales suggests that the California housing market will register closed sales in June at around 275,000, a level between what was recorded in April and May.
  • The Federal Reserve met earlier this week and decided to pause rate hikes in their latest FOMC meeting. While the Committee held the fed funds rate steady this time around, Fed Chairman Powell suggested that they are prepared to raise rates couple of more times, or another 50 bps, this year to tame stubborn inflation. Next year, Fed officials see interest rates falling by 100 basis points as economic growth slows further. This is the first time since January 2022 that the Fed made no rate change following a policy meeting. Before the Fed’s announcement, the bond market generally priced in one more 25 bps rate increase by the end of 2023. Interest rates have been moving side way since the announcement but will stay elevated longer than what the market previously anticipated.
  • At the regional level, all but one major region registered a dip in its median price from a year ago in May, with two regions dropping more than 10 percent year-over-year. The San Francisco Bay Area (-11.3 percent) continued to post the biggest drop of all regions, with four of its nine counties declining by double-digits from a year ago. The Far North (-10.6 percent) recorded the second largest drop in its median price, followed by Southern California (-5.3 percent) and the Central Valley (-4.9 percent). The Central Coast region was the only major region that registered a median-price gain from a year ago, and it was the first time in six months that the region registered a positive year-over-year price growth.
  • More than 80 percent of all counties experienced a decline in their median home price from a year ago in May, with 12 counties sliding more than 10 percent on a year-over-year basis. Siskiyou (-30.4 percent) had the biggest drop of all counties, followed by Plumas (-29.6 percent) and Lassen (-25.7 percent).
  • The number of counties recording a median-price gain from last year dropped in May to eight from 12 counties in April. Most of the increases were mild, with Santa Barbara (41.7 percent) and Lake (10.6 percent) being the only exceptions. The price surge in Santa Barbara was attributed primarily to a shift in the mix of sales in the region in May.
  • Thirty-three counties posted an increase in their median price from April 2023 to May 2023, with four of them surging more than 10 percent month-over-month. The high number of counties with a price improvement from earlier this year is an encouraging sign that housing values are stabilizing as the market moves further into the home-buying season.
  • Housing inventory in California dipped in May after a brief bounceback in April, as sales improved while supply remained tight. The statewide unsold inventory index (UII) in May 2023 was flat from last year and declined 16 percent on a month-over-month basis. Assuming a softer sales level in June, there could see a minor inventory improvement in the upcoming month, but the upward adjustment would be entirely due to a change in the demand side.
  • None of the price ranges except the $1 million and higher price sector recorded an increase in UII from a year ago. The unsold inventory index remained flat in the $500,000-$749,000 price range (0 percent) but dipped year-over-year in the $750,000-$999,000 sector (-9.1 percent) and the sub-$500,000 (-4.3 percent). The $1 million and higher sector recorded a gain in UII by 21.1 percent from last May.
  • The median number of days it took to sell a California single-family home was 17 days in May and 11 days in May 2022.
  • C.A.R.’s statewide sales-price-to-list-price ratio* was 100 percent in May 2023 and 103.4 percent in May 2022.
  • The statewide average price per square foot** for an existing single-family home was $409, down from $434 in May a year ago.
  • The 30-year, fixed-mortgage interest rate averaged 6.43 percent in May, up from 5.23 percent in May 2022, according to Freddie Mac.

Note: The County MLS median price and sales data in the tables are generated from a survey of more than 90 associations of REALTORS® throughout the state and represent statistics of existing single-family detached homes only. County sales data is not adjusted to account for seasonal factors that can influence home sales. Movements in sales prices should not be interpreted as changes in the cost of a standard home. The median price is where half sold for more and half sold for less; medians are more typical than average prices, which are skewed by a relatively small share of transactions at either the lower end or the upper end. Median prices can be influenced by changes in cost, as well as changes in the characteristics and the size of homes sold. The change in median prices should not be construed as actual price changes in specific homes.

*Sales-to-list-price ratio is an indicator that reflects the negotiation power of home buyers and home sellers under current market conditions. The ratio is calculated by dividing the final sales price of a property by its original list price and is expressed as a percentage. A sales-to-list ratio with 100 percent or above suggests that the property sold for more than the list price, and a ratio below 100 percent indicates that the price sold below the asking price.

**Price per square foot is a measure commonly used by real estate agents and brokers to determine how much a square foot of space a buyer will pay for a property. It is calculated as the sale price of the home divided by the number of finished square feet. C.A.R. currently tracks price-per-square foot statistics for 50 counties.

Leading the way…® in California real estate for more than 110 years, the CALIFORNIA ASSOCIATION OF REALTORS® (www.car.org) is one of the largest state trade organizations in the United States with more than 200,000 members dedicated to the advancement of professionalism in real estate. C.A.R. is headquartered in Los Angeles.

May 2023 County Sales and Price Activity 
(Regional and condo sales data not seasonally adjusted)
May 2023Median Sold Price of Existing Single-Family HomesSales
State/Region/CountyMay
2023
April
2023
May
2022
Price
MTM%
Chg
Price
YTY%
Chg
 Sales
MTM%
Chg
 Sales
YTY%
Chg
Calif. Single-family home$836,110$811,950r$893,200r3.0 %-6.4 %9.8 %-23.6 %
Calif. Condo/Townhome$635,000$634,000r$675,000r0.2 %-5.9 %21.7 %-25.7 %
Los Angeles Metro Area$765,000$740,000$805,0003.4 %-5.0 %20.6 %-21.8 %
Central Coast$1,000,000$1,020,000$995,000-2.0 %0.5 %36.6 %-17.3 %
Central Valley$485,000$463,000r$510,000r4.8 %-4.9 %22.7 %-20.0 %
Far North$380,000$385,000$425,000-1.3 %-10.6 %44.8 %-21.8 %
Inland Empire$574,990$565,000$596,000r1.8 %-3.5 %13.9 %-22.9 %
San Francisco Bay Area$1,300,000$1,250,000$1,465,000r4.0 %-11.3 %30.0 %-23.8 %
Southern California$800,000$785,000$845,0001.9 %-5.3 %19.4 %-22.3 %
San Francisco Bay Area
Alameda$1,260,000$1,225,000r$1,513,060r2.9 %-16.7 %27.7 %-27.3 %
Contra Costa$888,000$900,000$999,000r-1.3 %-11.1 %29.9 %-28.4 %
Marin$1,800,000$1,790,000$1,985,000r0.6 %-9.3 %25.0 %-24.2 %
Napa$888,500$815,000$1,048,000r9.0 %-15.2 %31.1 %-25.2 %
San Francisco$1,654,000$1,587,500$2,015,0004.2 %-17.9 %8.1 %-33.8 %
San Mateo$2,075,000$1,970,000$2,231,5005.3 %-7.0 %49.2 %-27.3 %
Santa Clara$1,788,000$1,800,000$1,927,500-0.7 %-7.2 %41.4 %-15.0 %
Solano$600,000$580,000$620,000r3.4 %-3.2 %17.1 %-14.4 %
Sonoma$860,000$840,000$874,500r2.4 %-1.7 %28.3 %-21.1 %
Southern California
Los Angeles$744,770$738,520$798,7200.8 %-6.8 %25.0 %-20.9 %
Orange$1,256,500$1,225,000$1,295,0002.6 %-3.0 %24.4 %-21.9 %
Riverside$629,000$615,000$650,0002.3 %-3.2 %12.7 %-22.9 %
San Bernardino$455,000$450,000$490,0001.1 %-7.1 %16.4 %-22.8 %
San Diego$935,000$930,000$970,0000.5 %-3.6 %14.8 %-24.1 %
Ventura$925,500$885,500$915,0004.5 %1.1 %20.3 %-21.9 %
Central Coast
Monterey$902,000$952,500$900,500-5.3 %0.2 %22.6 %-23.2 %
San Luis Obispo$874,500$925,000$931,000-5.5 %-6.1 %63.6 %-1.3 %
Santa Barbara$1,275,000$1,080,500$900,00018.0 %41.7 %6.7 %-27.8 %
Santa Cruz$1,352,500$1,349,500$1,312,5000.2 %3.0 %62.2 %-21.1 %
Central Valley
Fresno$420,000$413,000$420,0001.7 %0.0 %17.9 %-16.5 %
Glenn$345,000$349,000$405,000r-1.1 %-14.8 %72.7 %0.0 %
Kern$379,320$375,000$385,0001.2 %-1.5 %25.0 %-20.7 %
Kings$370,000$361,000$381,5002.5 %-3.0 %-5.2 %-11.0 %
Madera$411,610$420,000$430,000-2.0 %-4.3 %18.8 %-21.8 %
Merced$395,000$365,120$414,2508.2 %-4.6 %4.2 %-27.9 %
Placer$682,500$650,000$735,0005.0 %-7.1 %27.4 %-18.6 %
Sacramento$535,000$515,000$575,000r3.9 %-7.0 %26.1 %-20.1 %
San Benito$735,000$768,000$840,000-4.3 %-12.5 %51.9 %-19.6 %
San Joaquin$531,950$520,000$580,000r2.3 %-8.3 %35.8 %-17.9 %
Stanislaus$463,500$451,000$477,000r2.8 %-2.8 %16.0 %-29.9 %
Tulare$375,060$357,000$370,0005.1 %1.4 %8.2 %-17.6 %
Far North
Butte$436,950$469,000$500,000-6.8 %-12.6 %33.3 %-30.0 %
Lassen$224,900$252,950$302,500-11.1 %-25.7 %-5.0 %-26.9 %
Plumas$355,000$319,250$504,00011.2 %-29.6 %6.3 %-41.4 %
Shasta$385,000$390,000$406,000-1.3 %-5.2 %61.8 %-12.5 %
Siskiyou$256,000$289,000$368,000-11.4 %-30.4 %16.1 %-45.5 %
Tehama$348,000$315,000$377,50010.5 %-7.8 %85.7 %2.6 %
Other Calif. Counties
Amador$449,000$475,000$445,000-5.5 %0.9 %42.4 %-17.5 %
Calaveras$550,000$495,000$525,00011.1 %4.8 %53.7 %-26.7 %
Del Norte$315,000$315,000$320,0000.0 %-1.6 %46.2 %-29.6 %
El Dorado$660,000$717,220r$730,000r-8.0 %-9.6 %29.3 %-30.3 %
Humboldt$435,000$439,000$458,500-0.9 %-5.1 %16.9 %-29.7 %
Lake$398,000$312,000$360,00027.6 %10.6 %26.9 %-26.7 %
Mariposa$382,500$425,000$465,000-10.0 %-17.7 %220.0 %-51.5 %
Mendocino$532,500$485,000$595,000r9.8 %-10.5 %36.0 %-44.3 %
Mono$850,000$1,177,750$870,000-27.8 %-2.3 %75.0 %-30.0 %
Nevada$552,500$550,000$560,5000.5 %-1.4 %28.4 %-38.6 %
Sutter$439,500$405,000r$450,0008.5 %-2.3 %21.7 %-34.1 %
Tuolumne$424,500$419,050$449,0001.3 %-5.5 %10.3 %-41.3 %
Yolo$646,730$605,000r$655,000r6.9 %-1.3 %42.9 %-7.3 %
Yuba$440,990$447,450$442,500r-1.4 %-0.3 %37.9 %-14.2 %
r = revised 
May 2023 County Unsold Inventory and Days on Market 
 (Regional and condo sales data not seasonally adjusted)
May 2023Unsold Inventory IndexMedian Time on Market
State/Region/CountyMay
2023
April
2023
May
2022
May
2023
April
2023
May
2022
Calif. Single-family home2.12.52.117.020.011.0r
Calif. Condo/Townhome1.92.2r1.716.019.011.0r
Los Angeles Metro Area2.22.62.222.025.014.0r
Central Coast2.43.12.312.017.09.0r
Central Valley2.12.42.0r15.019.09.0r
Far North3.44.42.919.030.011.0r
Inland Empire2.42.82.328.032.015.0r
San Francisco Bay Area1.51.91.6r13.014.011.0r
Southern California2.12.52.220.022.013.0r
San Francisco Bay Area
Alameda1.11.31.6r11.011.09.0
Contra Costa1.11.41.4r10.010.08.0
Marin1.82.11.1r35.037.033.0r
Napa3.84.42.4r46.543.036.0r
San Francisco2.32.41.543.531.026.0r
San Mateo1.92.61.59.011.08.0
Santa Clara1.41.91.78.08.08.0
Solano1.61.91.3r31.034.026.0r
Sonoma2.62.72.0r38.052.038.5r
Southern California
Los Angeles2.22.62.319.022.013.0r
Orange2.02.32.019.019.014.0r
Riverside2.32.72.029.032.016.0r
San Bernardino2.83.22.826.030.013.0r
San Diego1.71.91.912.012.08.0r
Ventura1.82.22.026.028.021.0r
Central Coast
Monterey2.73.02.510.018.09.0
San Luis Obispo2.03.22.317.022.011.0r
Santa Barbara2.42.52.111.015.08.0
Santa Cruz2.83.92.111.015.09.0
Central Valley
Fresno2.22.62.314.019.08.0r
Glenn3.13.52.4r16.032.011.0r
Kern2.02.42.113.015.07.0
Kings2.22.11.917.014.06.0
Madera3.74.22.632.035.016.0r
Merced2.92.72.724.015.512.0r
Placer2.32.6r2.0r19.524.0r11.0r
Sacramento1.61.8r1.8r12.018.010.0r
San Benito2.83.72.518.026.012.0
San Joaquin1.72.51.8r15.025.010.0r
Stanislaus1.82.1r1.8r14.014.09.0r
Tulare2.72.62.314.022.07.0
Far North
Butte2.63.32.323.025.09.0r
Lassen5.54.84.527.043.073.0
Plumas9.56.64.917.055.07.0r
Shasta2.84.32.612.022.09.0
Siskiyou5.75.53.150.552.015.5r
Tehama3.46.04.039.058.028.0
Other Calif. Counties
Amador4.85.33.521.038.013.0r
Calaveras3.64.93.556.080.040.5
Del Norte4.46.53.361.516.010.0r
El Dorado3.13.02.5r17.030.5r20.0r
Humboldt5.35.03.410.017.08.0
Lake5.86.84.139.551.020.0r
Mariposa5.215.42.025.5171.07.0
Mendocino9.311.44.8r58.560.046.0r
Mono3.35.85.212.020.051.5
Nevada4.74.43.616.529.0r15.0r
Sutter2.12.7r2.0r19.522.510.0r
Tuolumne4.03.22.314.533.510.0r
Yolo1.82.4r1.6r11.011.5r10.0r
Yuba2.33.12.3r30.029.513.0r
r = revised 

SOURCE CALIFORNIA ASSOCIATION OF REALTORS® (C.A.R.)

California REALTORS® Urge State Legislature To Prioritize Homeownership

LOS ANGELES, June 15, 2023 (PRNewswire) The CALIFORNIA ASSOCIATION OF REALTORS® (C.A.R.) today issued the following statement regarding the 2023-24 state budget passed by the California Legislature:

The CALIFORNIA ASSOCIATION OF REALTORS® is disappointed that the legislature failed to prioritize critical funding for housing and the California Dream for All down payment assistance program, championed and envisioned by Senate President pro Tempore Toni Atkins as part of the 2023-24 state budget. Countless studies demonstrate that homeownership opens the door to true economic security, better health and educational outcomes and is critical to building intergenerational wealth.

The California Dream for All program is a huge step forward in closing the homeownership and wealth gaps that exist in our state. This innovative down payment assistance program for working Californians who are first-time homebuyers allows the state to invest alongside them by providing up to a 20 percent down payment.

While this is a challenging budget year for California, the program allows the state to recoup its investment, plus receive a share of the home’s appreciation when the new homeowner sells or refinances. The fact that an initial funding round was fully committed in just 11 days of the program’s launch clearly illustrates the demand and desire for working Californians to become homeowners.

California REALTORS® continue to applaud Senate President Pro Tem Toni Atkins for her foresight to envision the program. There is still an opportunity for Gov. Gavin Newsom and California lawmakers to work together in the coming weeks as final elements of the state budget are negotiated to prioritize this critical investment in working Californians that will pay dividends for the state and its residents.

Leading the way…® in California real estate for more than 110 years, the CALIFORNIA ASSOCIATION OF REALTORS® (www.car.org) is one of the largest state trade organizations in the United States with more than 200,000 members dedicated to the advancement of professionalism in real estate. C.A.R. is headquartered in Los Angeles.

SOURCE CALIFORNIA ASSOCIATION OF REALTORS® (C.A.R.)

Higher Mortgage Rates And Low Housing Inventory Restrain California Home Sales in April

Statewide median home price ratchets above $800,000 for first time in six months.

  • Existing, single-family home sales totaled 267,880 in April on a seasonally adjusted annualized rate, down 4.7 percent from March and down 36.1 percent from April 2022.
  • April’s statewide median home price was $815,340, up 3.0 percent from March and down 7.8 percent from April 2022.
  • Year-to-date statewide home sales were down 37.4 percent in April.
  • C.A.R. 2023 Housing market forecast revised to 279,900 units sold and a statewide median price of $776,600.

Los Angeles, CA – May 18, 2023 (PRNewswire) A surge in mortgage interest rates and a shortage of homes for sale suppressed California home sales in April, while the statewide median home price climbed above the $800,000 level for the first time in six months, the CALIFORNIA ASSOCIATION OF REALTORS® (C.A.R.) said today. 

Closed escrow sales of existing, single-family detached homes in California totaled a seasonally adjusted annualized rate of 267,880 in April, according to information collected by C.A.R. from more than 90 local REALTOR® associations and MLSs statewide. The statewide annualized sales figure represents what would be the total number of homes sold during 2023 if sales maintained the April pace throughout the year. It is adjusted to account for seasonal factors that typically influence home sales.

April’s sales pace was down 4.7 percent on a monthly basis from 281,050 in March and down 36.1 percent from a year ago, when a revised 418,970 homes were sold on an annualized basis. Sales of existing single-family homes in California remained below the 300,000-unit pace for the seventh consecutive month. 

“While home sales declined in April, the market is getting more competitive as we’re seeing time on the market before selling down to 20 days in April from 33 days in January and the share of homes sold above asking price double from one in five at the beginning of the year to more than two in five in April,” said C.A.R. President Jennifer Branchini, a Bay Area REALTOR®. “This increase in market competition continued to provide support to the statewide median home price in April, which climbed above $800,000 for the first time in six months.”

A surge in mortgage interest rates and a shortage of homes for sale suppressed California home sales in April, while the statewide median home price climbed above the $800,000 level for the first time in six months.
A surge in mortgage interest rates and a shortage of homes for sale suppressed California home sales in April, while the statewide median home price climbed above the $800,000 level for the first time in six months.

Infographic:  https://www.car.org/Global/Infographics/2023-04-Sales-and-Price

California’s median home price surpassed $800,000 in April for the first time since October 2022, increasing 3.0 percent from March’s $791,490 to $815,340. Despite the price improvement since early this year, April’s median price was lower on a year-over-year basis for the sixth consecutive month, declining 7.8 percent from the revised $884,680 recorded last April. The sizable drop in median price from last year was due partly to the strong price surge in early 2022 when homebuyers rushed into the market to take advantage of low rates before the Fed began aggressively raising rates.

“Home sales remained soft as the lock-in effect continued to tighten housing supply and keep would-be sellers from listing their homes for sale, which contributed to a 30 percent year-over-year drop in new statewide active listings ― the largest drop since May 2020 when the pandemic shutdown took place,” said C.A.R. Senior Vice President and Chief Economist Jordan Levine. “A surge in borrowing costs as mortgage rates surpassed 7% in late February and early March also contributed to the market weakness, as many transactions that opened in those two months were closed in April.”   

As such, C.A.R. has revised its 2023 Housing Market Forecast and projects existing single-family home sales to reach 279,900 units in 2023, a decline of 18.2 percent from the 342,000 units sold in 2022. While home prices in general are expected to improve in the second half of the year, the California median home price is projected to decrease 5.6 percent to $776,600 in 2023, down from the annual median price of $822,300 recorded in 2022. The updated projection on the statewide median price is an increase from the estimate of $758,600 forecast last October. C.A.R. also projects the 30-year fixed mortgage interest rate to average 6.3 percent for the year.

Other key points from C.A.R.’s April 2023 resale housing report include:

  • At the regional level, sales declines accelerated in all regions, with the Central Coast dropping the most at -42.8 percent. The Far North (41.8 percent) followed closely behind as four of the six counties in the region recorded a drop of more than 40 percent. Sales in the San Francisco Bay Area (-38.5 percent), Southern California (-37.4 percent) and the Central Valley (-36.7 percent) all declined at a faster pace than the prior month, with each region falling by more than a third on a year-over-year basis.
  • All 51 counties tracked by C.A.R. registered a sales decline from the previous year, with sales in 44 counties dropping more than 30 percent and sales in five counties sliding more than 50 percent from a year ago. Mariposa (-80.8 percent) had the largest sales drop, followed by Calaveras (-59.0 percent) and Santa Cruz (-58.4 percent). Lassen (-4.8 percent) was the only county with less than 10 percent annual sales decrease. Closed sales should improve in many markets the upcoming month, however, as 39 counties experienced a monthly increase in pending sales.
  • At the regional level, median home prices continued to drop from a year ago in all major regions, but only one region posted a double-digit decline compared to three regions in the prior month. The San Francisco Bay Area (-16.7 percent) remained the region with the biggest sales drop, as six out of nine counties in the Bay Area region fell more than 10 percent year-over-year. The sharp decline is partly attributed to the base effect, as prices surged a year ago when many homebuyers tried to close transactions before rates climbed further. Central Valley (-8.0 percent) and Southern California (-6.2 percent) recorded the second and third largest drop in April, respectively, followed by the Far North (-3.8 percent) and Central Coast (-2.9 percent).
  • More than three-quarters of all counties experienced year-over-year price declines in April, with 13 counties falling more than 10 percent. Mono (-50.1 percent) had the biggest drop of all counties, followed by San Francisco (-22.8 percent), Alameda (-18.0 percent) and San Mateo (-18 percent). On a positive note, 12 counties registered an increase in their median price from last April, a jump from six counties in March. The price increases were either mild or moderate for most counties, with only one county’s median price surging by double-digits. Glenn (24.1 percent) had the biggest gain in price of all counties again in April, followed by Amador (6.7 percent) and Monterey (5.4 percent).
  • Housing inventory in California bounced back after dipping month-over-month for two straight months. The statewide Unsold Inventory Index (UII) in April 2023 also increased from last year, jumping 38.9 percent on a year-over-year basis. The surge in the UII continued primarily due to low housing demand as existing home sales remained below the 300,000 benchmark. All price ranges recorded an increase in the UII of more than 20 percent in from a year ago, with the $1 million and higher price sector gaining the most (64.7 percent), followed by the $500,000-$749,000 price range (33.3 percent), the sub-$500,000 (26.3 percent) and the $750,000-$999,000 sector (21.1 percent).
  • The median number of days it took to sell a California single-family home was 20 days in April and 11 days in April 2022.
  • C.A.R.’s statewide sales-price-to-list-price ratio* was 100 percent in April 2023 and 104.2 percent in April 2022.
  • The statewide average price per square foot** for an existing single-family home was $395, down from $433 in April a year ago.
  • The 30-year, fixed-mortgage interest rate averaged 6.34 percent in April, up from 4.98 percent in April 2022, according to Freddie Mac.

Note:  The County MLS median price and sales data in the tables are generated from a survey of more than 90 associations of REALTORS® throughout the state and represent statistics of existing single-family detached homes only. County sales data is not adjusted to account for seasonal factors that can influence home sales. Movements in sales prices should not be interpreted as changes in the cost of a standard home. The median price is where half sold for more and half sold for less; medians are more typical than average prices, which are skewed by a relatively small share of transactions at either the lower end or the upper end. Median prices can be influenced by changes in cost, as well as changes in the characteristics and the size of homes sold. The change in median prices should not be construed as actual price changes in specific homes.

*Sales-to-list-price ratio is an indicator that reflects the negotiation power of home buyers and home sellers under current market conditions. The ratio is calculated by dividing the final sales price of a property by its original list price and is expressed as a percentage. A sales-to-list ratio with 100 percent or above suggests that the property sold for more than the list price, and a ratio below 100 percent indicates that the price sold below the asking price.

**Price per square foot is a measure commonly used by real estate agents and brokers to determine how much a square foot of space a buyer will pay for a property. It is calculated as the sale price of the home divided by the number of finished square feet. C.A.R. currently tracks price-per-square foot statistics for 50 counties.

Leading the way…® in California real estate for more than 110 years, the CALIFORNIA ASSOCIATION OF REALTORS® (www.car.org) is one of the largest state trade organizations in the United States with more than 200,000 members dedicated to the advancement of professionalism in real estate. C.A.R. is headquartered in Los Angeles.

April 2023 County Sales and Price Activity 
(Regional and condo sales data not seasonally adjusted)
April 2023Median Sold Price of Existing Single-Family HomesSales
State/Region/CountyApril2023March2023April2022Price
MTM%
Chg
Price
YTY%
Chg
 Sales
MTM%
Chg
 Sales
YTY%
Chg
Calif. Single-family home$815,340$791,490$884,680r3.0 %-7.8 %-4.7 %-36.1 %
Calif. Condo/Townhome$635,000$640,000$699,000r-0.8 %-9.2 %-6.6 %-38.6 %
Los Angeles Metro Area$740,000$735,000$800,0000.7 %-7.5 %-7.7 %-37.5 %
Central Coast$1,020,000$922,500$1,050,00010.6 %-2.9 %-12.0 %-42.8 %
Central Valley$460,000$453,550$500,0001.4 %-8.0 %-10.9 %-36.7 %
Far North$385,000$355,000$400,0008.5 %-3.8 %-6.4 %-41.8 %
Inland Empire$565,000$555,000$580,0001.8 %-2.6 %-6.6 %-36.3 %
San Francisco Bay Area$1,250,000$1,228,000$1,500,000r1.8 %-16.7 %0.5 %-38.5 %
Southern California$785,000$770,000$837,000r1.9 %-6.2 %-7.8 %-37.4 %
San Francisco Bay Area
Alameda$1,230,000$1,225,000$1,500,0000.4 %-18.0 %2.6 %-37.3 %
Contra Costa$900,000$852,500$1,050,0005.6 %-14.3 %6.0 %-35.0 %
Marin$1,790,000$1,600,000$2,125,000r11.9 %-15.8 %40.0 %-30.3 %
Napa$815,000$890,000$975,000r-8.4 %-16.4 %-15.3 %-51.2 %
San Francisco$1,587,500$1,700,000$2,057,500-6.6 %-22.8 %13.9 %-32.3 %
San Mateo$1,970,000$1,860,000$2,401,0005.9 %-18.0 %-11.8 %-49.0 %
Santa Clara$1,800,000$1,700,000$1,970,0005.9 %-8.6 %-10.9 %-44.8 %
Solano$580,000$585,000$640,000-0.9 %-9.4 %3.5 %-26.7 %
Sonoma$840,000$829,000$870,000r1.3 %-3.4 %-0.8 %-39.8 %
Southern California
Los Angeles$738,520$718,370$801,6802.8 %-7.9 %-8.0 %-37.6 %
Orange$1,225,000$1,250,000$1,325,000-2.0 %-7.5 %-10.1 %-39.7 %
Riverside$615,000$612,000$630,0000.5 %-2.4 %-6.6 %-35.5 %
San Bernardino$450,000$475,000$495,000-5.3 %-9.1 %-6.8 %-37.9 %
San Diego$930,000$915,000$975,0001.6 %-4.6 %-8.2 %-36.9 %
Ventura$885,500$849,000$955,0004.3 %-7.3 %-4.7 %-37.4 %
Central Coast
Monterey$952,500$900,000$903,5005.8 %5.4 %-19.0 %-27.9 %
San Luis Obispo$925,000$895,000$890,0003.4 %3.9 %-10.1 %-45.2 %
Santa Barbara$1,080,500$769,000$1,200,00040.5 %-10.0 %0.0 %-38.8 %
Santa Cruz$1,349,500$1,205,000$1,410,00012.0 %-4.3 %-21.3 %-58.4 %
Central Valley
Fresno$413,000$409,500$425,0000.9 %-2.8 %-9.0 %-32.3 %
Glenn$349,000$370,000$281,260-5.7 %24.1 %37.5 %-21.4 %
Kern$375,000$365,000$385,0002.7 %-2.6 %-17.1 %-38.8 %
Kings$361,000$355,000$360,0001.7 %0.3 %0.0 %-16.3 %
Madera$420,000$417,000$418,0000.7 %0.5 %2.8 %-36.7 %
Merced$365,120$400,000$395,000-8.7 %-7.6 %-1.4 %-41.5 %
Placer$650,000$641,000$717,0001.4 %-9.3 %-16.2 %-38.5 %
Sacramento$515,000$500,000$570,0003.0 %-9.6 %-6.6 %-40.4 %
San Benito$768,000$750,000$860,0002.4 %-10.7 %-12.9 %-43.8 %
San Joaquin$520,000$544,550$555,000-4.5 %-6.3 %-19.4 %-29.7 %
Stanislaus$455,000$449,000$485,0001.3 %-6.2 %-6.2 %-36.5 %
Tulare$357,000$344,000$370,0003.8 %-3.5 %-15.9 %-39.1 %
Far North
Butte$469,000$421,650$467,25011.2 %0.4 %7.7 %-46.2 %
Lassen$252,950$249,000$245,0001.6 %3.2 %33.3 %-4.8 %
Plumas$319,250$310,000$350,0003.0 %-8.8 %220.0 %-44.8 %
Shasta$390,000$365,000$389,0006.8 %0.3 %-19.6 %-41.3 %
Siskiyou$289,000$240,000$322,25020.4 %-10.3 %14.8 %-38.0 %
Tehama$315,000$283,180$350,00011.2 %-10.0 %-34.4 %-50.0 %
Other Calif. Counties
Amador$475,000$414,940$445,00014.5 %6.7 %-34.0 %-45.0 %
Calaveras$495,000$438,000$504,50013.0 %-1.9 %-8.9 %-59.0 %
Del Norte$315,000$400,000$357,500-21.3 %-11.9 %-13.3 %-35.0 %
El Dorado$721,600$625,000$711,00015.5 %1.5 %13.1 %-46.9 %
Humboldt$439,000$450,000$464,300-2.4 %-5.4 %-14.5 %-40.8 %
Lake$312,000$351,250$321,000-11.2 %-2.8 %-21.2 %-42.2 %
Mariposa$425,000$399,500$423,0006.4 %0.5 %-68.8 %-80.8 %
Mendocino$485,000$492,500$545,000-1.5 %-11.0 %-24.2 %-46.8 %
Mono$1,177,750$750,000$2,362,50057.0 %-50.1 %-20.0 %-33.3 %
Nevada$550,000$539,500$617,0001.9 %-10.9 %-17.1 %-52.1 %
Sutter$400,000$385,000$444,0003.9 %-9.9 %-13.7 %-40.5 %
Tuolumne$419,050$389,500$437,5007.6 %-4.2 %-19.4 %-47.3 %
Yolo$610,000$618,030$633,000-1.3 %-3.6 %-2.0 %-17.1 %
Yuba$447,450$425,000$430,0005.3 %4.1 %-24.1 %-37.7 %
r = revised
April 2023 County Unsold Inventory and Days on Market 
(Regional and condo sales data not seasonally adjusted)
April 2023Unsold Inventory IndexMedian Time on Market
State/Region/CountyApril2023March2023April2022April2023March2023April2022
Calif. Single-family home2.52.21.820.024.0r11.0r
Calif. Condo/Townhome2.32.01.619.022.0r10.0r
Los Angeles Metro Area2.62.31.925.029.0r13.0r
Central Coast3.12.31.917.019.0r9.0r
Central Valley2.42.01.719.023.0r8.0r
Far North4.43.63.030.029.015.0r
Inland Empire2.82.71.932.038.0r15.0r
San Francisco Bay Area1.91.61.4r14.015.0r9.0r
Southern California2.52.21.822.026.0r12.0r
San Francisco Bay Area
Alameda1.31.11.511.012.0r8.0
Contra Costa1.41.21.510.012.0r8.0
Marin2.12.31.1r37.038.0r24.0r
Napa4.43.32.0r43.052.5r36.0r
San Francisco2.42.41.531.038.0r22.0r
San Mateo2.61.81.511.011.08.0
Santa Clara1.91.41.48.09.07.0
Solano1.91.71.0r34.045.0r23.5r
Sonoma2.72.21.7r52.051.0r36.0r
Southern California
Los Angeles2.62.21.922.026.0r13.0r
Orange2.32.01.719.024.0r12.0r
Riverside2.72.61.732.038.0r16.0r
San Bernardino3.23.02.3r30.037.0r12.0r
San Diego1.91.71.612.015.0r8.0r
Ventura2.22.01.828.031.0r20.0r
Central Coast
Monterey3.02.42.518.016.09.0
San Luis Obispo3.22.61.822.027.0r11.0r
Santa Barbara2.51.81.715.014.09.0
Santa Cruz3.92.31.615.013.08.0
Central Valley
Fresno2.62.41.919.021.0r7.0r
Glenn3.55.33.632.046.0r17.0r
Kern2.42.01.915.021.07.0
Kings2.12.31.814.018.07.0
Madera4.24.32.335.021.014.0r
Merced2.72.71.915.522.0r13.0r
Placer2.72.01.823.030.0r10.0r
Sacramento1.91.51.418.023.0r9.0r
San Benito3.73.02.526.025.08.0
San Joaquin2.51.91.825.028.5r9.0r
Stanislaus2.22.01.614.020.0r8.0r
Tulare2.62.11.722.021.57.0
Far North
Butte3.33.12.225.032.0r10.0r
Lassen4.85.34.643.069.0r70.0
Plumas6.615.05.655.0111.0r61.0
Shasta4.33.12.722.026.08.0
Siskiyou5.55.74.252.028.0r18.5
Tehama6.03.63.558.043.5r39.0
Other Calif. Counties
Amador5.33.22.938.053.0r14.0r
Calaveras4.94.02.580.062.041.5
Del Norte6.55.54.016.030.0r69.0
El Dorado3.02.82.030.040.0r21.0r
Humboldt5.04.03.017.035.09.0
Lake6.84.64.051.059.5r17.5r
Mariposa15.43.83.2171.0103.5r29.0r
Mendocino11.47.56.760.0112.0r48.0r
Mono5.83.66.520.07.0r49.0
Nevada4.43.03.229.537.5r17.0r
Sutter2.82.42.222.536.0r8.0r
Tuolumne3.22.32.433.561.5r10.0
Yolo2.52.11.811.020.0r9.0r
Yuba3.12.52.029.525.0r7.0r
r = revised

SOURCE CALIFORNIA ASSOCIATION OF REALTORS® (C.A.R.)