California Home Sales Drop By Over 30 Percent

Median sales prices decline by nearly five percent

  • According to the latest data released by the California Association of Realtors (CAR) last month, when comparing February 2023 to the same time last year, the real estate markets in California continue to exhibit weakness, with double-digit decreases in sales across the state. 
  • All regions reflect the same trend, with declines in both sales volume and prices, along with an increase in the unsold inventory index and median days on the market.
  • CAR’s latest data reveals that statewide existing home sales have decreased by 33.2 percent year-over-year, and the median sales prices have dropped by almost 5 percent, declining to $735,480.
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