4th Look at Local Housing Markets: California Home Sales down 34% YoY in March; Prices Down 7.0% YoY

Today, in the Calculated Risk Real Estate Newsletter: 4th Look at Local Housing Markets: California Home Sales down 34% YoY in March; Prices Down 7.0% YoY

A brief excerpt: This is the fourth look at local markets in March. I’m tracking about 40 local housing markets in the US. Some of the 40 markets are states, and some are metropolitan areas. I’ll update these tables throughout the month as additional data is released.
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Here is the press release from the California Association of Realtors® (C.A.R.): Uptick in mortgage interest rates nudges down California home sales in March, C.A.R. reports• Existing, single-family home sales totaled 281,050 in March on a seasonally adjusted annualized rate, down 1.0 percent from February and down 34.2 percent from March 2022.

• March’s statewide median home price was $791,490, up 7.6 percent from February and down 7.0 percent from March 2022….
Closed Sales in March

In March, sales in these markets were down 20.8%. In February, these same markets were down 21.8% YoY Not Seasonally Adjusted (NSA).

This is a slightly smaller YoY decline NSA than in February for these markets. The March existing home sales report will show another significant YoY decline and will be the 19th consecutive month with a YoY decline in sales.There is much more in the article. You can subscribe at https://calculatedrisk.substack.com/