State housing market stays solid

Sales of existing single-family homes in California totaled 275,540 in April, up three percent from March and 4.4 percent year-over-year, according to a report.

Statewide, the median price of a home during the fourth month of the year was $904,210, a 5.8 percent from March and an 11.4 percent increase from one year earlier, the California Association of Realtors reported.

That was a record median price for the month of April, but sales remained below 300,000 for the 19th consecutive month.

During the first four months of the year, sales were up 1.6 percent compared with the first four months of 2023.

The sales numbers are annualized, meaning they reflect what would be the total number of homes sold this year if sales maintained their April pace throughout the year. They also take into account seasonal factors that influence home sales.

The state’s housing market is performing well, but not yet back to full capacity, according to  Jordan Levine, the association’s chief economist.

“The market performed solidly in April, but we don’t expect to see a rapid recovery as long as inflation remains sticky and mortgage rates continue to fluctuate despite recent dips,” Levine said in a statement. “However, housing inventory has also started to increase, which will provide much-needed supply to the market.”

In the Inland Empire, sales in April were up 1.2 percent month-over-month and 1.5 percent year-over-year, while the median price – $607,000 – was up 2.1 percent from March and 7.4 percent from April 2023, the association reported.