30 May April home sales and price report
Low inventory and high mortgage rates caused a slow down in California home sales in April.
Existing single family home sales totaled 267,880 in April down 4.7 percent from March and down 36.1 percent from April 2022.
April’s statewide median home price was $815,340 (first time in 6 months) up 3 percent from March and down 7.8 percent from April 2022.
Year to date statewide home sales were down 37.4 percent in April.
According to Jordan Levine, CAR’s chief economist home sales remained soft as the lock-in effect continued to tighten housing supply and kept would be sellers from listing their homes
for sale which continued to tighten housing supply and keep would be sellers from listing their homes for sale, which contributed to a 30 percent year[over=year drop in new statewide active listings, the largest drop since May 2020.”
Furthermore, he continues “A surge in borrowing costs as mortgage rates surpassed 7% in late February and early March also contributed to the market weakness as may transactions that opened in those two months were closed in April,”
In Calabasas, in the last 45 days, 10 homes have closed escrow with a price range between 2M-5M and in Hidden Hills, 3 homes closed escrow with a price range between 3.7M-14M
In our area, the lock down effect coupled with higher interest rates have contributed to a slow down in in closed transactions in April