Data comparing February 2023 to the same time last year by the California Association of Realtors (CAR) last month reveals continued softness in California real estate markets with double-digit declines in sales across the state.
All regions paint a similar picture, with volume and prices dropping, and the unsold inventory index and median days on market increasing.
Existing home sales statewide are down 33.2 percent year-over-year, and median sales prices have fallen nearly 5 percent to $735,480, according to the association’s latest data.
While the statistics suggest general softness, “the market is very complicated, and the news that everything is down is not entirely true,” said Arvin Taali, president of Orange County-based Elixir Mortgage Lending. “There are areas that have seen an uptick since February.”…