California recorded a seasonally adjusted annualized rate of 277,030 closed escrow sales of existing single-family detached homes during March, down 2.3% from 283,540 sales in February but up 4.9% from 264,200 transactions in March 2024. According to data from the California Association of Realtors (CAR), March’s sales pace has remained below the 300,000 mark for the last 30 months.
The March statewide median price was $884,350, up 6.7% $829,060 from the prior month and up 3.5% from $854,370 one year ago. The year-over-year increase was the 21st straight month of price gains.
The statewide Unsold Inventory Index (UII), which measures the number of months needed to sell the supply of homes on the market at the current sales rate, 3.5 months in March, down from 4.0 months in February and up from 2.6 months in March 2024. The median number of days it took to sell a California single-family home was 22 days in March, up from 18 days in March 2024.
“Despite mortgage rate swings and financial market volatility, housing conditions remained stable in March,” said CAR Senior Vice President and Chief Economist Jordan Levine. “Although slower open-escrow sales point to a sluggish start for the spring season, increased inventory and modest price growth offer hope for buyers seeking more options and improved affordability.”
