The Spring homebuying season is forging ahead encouragingly! California median home prices set a new all-time high. Year-to-year home sales grew 1.6%.
“April’s rebound in both home sales and price shows the resilience of California’s housing market and is a signal that buyers and sellers are beginning to adjust to the higher interest rate environment.” (C.A.R. President Melanie Barker)
She went on to say that the market is once again showing signs of competition with homes selling faster and nearly half the homes selling are closing above the asking price-the highest in nine months.
The median home price in April of $904,210 was the 10th straight month of annual price increases in the state.
Housing inventory improved as well as exemplified by these two typical California cities:
San Diego:
Apr.24- 3,364;
Apr.23- 2,531
32.9% increase
Santa Clara:
Apr.24- 1,162;
Apr.23- 936
24.1% increase
With these statistics before Californians, it doesn’t appear that we have much to fear from a “crash.”
