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State home sales continue to decline

State home sales finish 2023 on a down note

Sales of existing single-family homes in California last month totaled 224,000, unchanged from November but down 7.1 percent year-over-year, according to data released this week.

The median price of a home during the last month of 2023 was $819,740, a 0.3 percent drop from November but up 6.4 percent compared with December 2022, the California Association of Realtors reported.

Statewide, home sales were down 24.8 percent in 2023 compared with 2022.

All sales numbers are annualized, meaning they represent what would be the total number of homes sold during 2023 if sales maintained their December pace throughout the year. They are also seasonally adjusted.

“The housing market had a tough year in 2023 as a shortage of homes for sale and high costs of borrowing continued to have a negative impact on housing inventory and demand,” said Melanie Barker, association president, in the statement. “With mortgage rates expected to come down in the next 12 months, home sales will bounce back as buyers and sellers return to a more favorable housing market.

“Home prices should see a moderate increase in 2024 as well.”

In the Inland Empire, December sales were up eight percent from the previous month and 1.3 percent year-over-year, while the median home price – $570,000 – was up 0.4 percent and 6.5 percent, the association reported.

 

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