Home sales perk up slightly, but remain low

Sales of existing single-family homes in California reached 240,330 in December, ending a three-month sales decline, according to data released this week.

That was a 1.1 percent drop from November and a 44 percent drop from December 2021, when 429,860 homes were sold, the California Association of Realtors reported.

Those numbers are annualized, meaning they represent what would be the total number of homes sold statewide if sales had maintained their December pace for 12 months. They also allow for seasonal factors that influence the housing market.

“As buyers and sellers gradually adapt to the new normal, we are seeing a shift toward a more balanced market,” said association President Jennifer Branchini, a Bay Area realtor, in a statement. “With both sides slowly adjusting their expectations, it’s hopeful that we’ll see sales ratcheting higher as market conditions improve further throughout 2023.”

The median price of a California home during the last month of 2022 was $774,580 down 0.4 percent from November and down 2.8 percent from December 2021. Median prices have fallen in six of the past seven months, including the last four.

Statewide, home sales fell 21.1 percent last year compared with 2021.

In the Inland Empire, the $535,000 median home price was up nearly one percent month-over-month but down nearly one percent year-over-year. Sales were down one percent from November and 54 percent from December 2021, the Los Angeles-based association reported.