C.A.R. recently released their April home sales and price report. The data from the report indicates that while median home prices in California set another record high, home sales slowed going into the Spring home buying season. According to C.A.R. President Jared Martin, “Weak buyer demand, largely prompted by elevated home prices, is playing a role in the softening housing market. However, with low interest rates, cooling competition and an increase in homes to choose from, buyers can take advantage of a more balanced housing market.”
Key points from C.A.R.’s April 2019 resale housing report
- Sales dropped on a non-seasonally adjusted annual basis in all major regions.
- The Central Valley region experienced the smallest sales decline of 0.4%.
- The Inland Empire experienced the largest sales decline of 7.0%.
- Median home price increased from a year ago in all regions except the San Francisco Bay Area.
- The 30-year fixed mortgage rate averaged 4.14% in April, down from 4.47% in April 2018.
- The median number of days to sell a house in California is increasing (15 days in April 2018 vs. 21 days in April 2019).