Closed escrow sales of existing, single-family detached homes in California totaled a seasonally adjusted annualized rate of 267,470 in March, according to data from the California Association of Realtors (CAR). This is a 7.8 percent slide from the revised 290,470 homes sold in February and a 4.4 percent slip from the March 2023 revised figure of 279,700 home sales.
The sales pace in March represented the 18th consecutive month where the activity level was below the 300,000-threshold. However, on a year-to-date basis home sales exceeded the level experienced in first quarter 2023 by 0.7 percent.
The bottom line is things are still selling in highly desirable areas if priced properly but it is a slow time in real estate. Interestingly, overall it has not impacted prices yet.