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State home sales beginning to cool

Sales of existing single-family homes in California reached 419,040 in April, down nearly two percent from March and an 8.5 percent drop year-over-year, according to data released Tuesday.

Statewide, the median price of a single-family home last month was $884,890, up 4.2 percent from March and 8.7 percent higher than April 2021, the California Association of Realtors reported.

The sales figures are annualized, meaning they reflect what sales would be if the pace of sales in April were maintained for 12 months. Sales data also takes into account seasonal factors that typically influence the housing market.

“California’s housing market is moderating from the 12-year-high levels experienced in 2021, as higher mortgage interest rates and soaring home prices are starting to have an adverse impact on housing demand,” said Jordan Levine, the association’s vice president and chief economist, in at statement. “Further declines in housing demand could continue in the second half of the year.”
For the first four months of the year, statewide home sales were down 7.4 percent compared with the first four months of 2021.

The median price of a single-family home in the Inland Empire in April was $580,000, unchanged from March but down 16 percent year-over-year. Sales were down 11.7 percent month-over-month and 14.4 from one year earlier, the association reported.

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