California’s Median Home Price Hits New High

California home sales declined for second straight month in April while the state’s median home price hit a new all-time high.

According to data from the California Association of Realtors, closed escrow sales of existing, single-family detached homes totaled a seasonally adjusted annualized rate of 267,710 in April, a 3.4% drop from the 277,030 homes sold in March and a 0.2% dip from one year earlier when 268,170 homes were sold on an annualized basis. April’s sales level was the lowest in three months and it was also the 31st consecutive month when the number of homes sold was below the 300,000 level.

But while sales dropped, the median home price of $910,160 broke a record high. Last month’s price was up 2.9% from $884,350 in March and up by 0.7 percent from $904,010 in April 2024. Last month marked the 22nd consecutive month of year-over-year increases, but it was also the smallest annual price gain since July 2023.

“Home prices continued to rise last month, pushing the statewide median price to a new high in April,” said CAR Senior Vice President and Chief Economist Jordan Levine. “Despite reaching a new record, prices are moderating as the latest yearly growth pace slowed to its lowest since mid-2023. Ongoing economic uncertainty has slightly dampened demand, while a steady increase in inventory has contributed to more moderate price growth this year.”

CAR also noted that total active listings in April rose on a year-over-year basis at the fastest pace since January 2023, reaching a 66-month high (since October 2019) and marking the 15th consecutive month of annual gain in housing supply. The median number of days it took to sell a California single-family home was 21 days in April, up from 16 days in April 2024.