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Q1 2024 Market Update

California

Contrary to what was predicted by the media, home prices have not gone down due to the NAR settlement. In fact, at the end of Q1, prices were up statewide 7.7% year over year, with a statewide median sales price of $854,490. Inventory did drop by 4.4% compared to last year and days on the market decreased by more than 20% YoY.

While interest rates continue to remain in the low seven percent range, many would-be sellers are remaining off the market because they are locked in to low three percent or better mortgages. They would lose significant buying power under current rates, preventing them from having the opportunity to move and free up inventory.

Unless there is a significant reason to sell, most homeowners are staying put. This is keeping inventory near or at record lows throughout most of the state, leading to prices remaining near all-time highs. Expect this to remain true throughout the summer months, with hopes of rate softening in the fall.

 

 

 

 

 

Casey McLoed
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Key Stats to Keep Handy

Sold Listings
267,470
2024 Q1
Percentage Change
-4.4%
Y2Y
Median Sale Price
$854.5k
2024 Q1
Percentage Change
+7.7%
Y2Y
Average Days on Market
19
2024 Q1
Percentage Change
-20.8%
Y2Y
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