Posts from May 19th, 2025

Washington, D.C. – The Federal Housing Finance Agency (FHFA) today announced the conforming loan limit values (CLLs) for mortgages acquired by Fannie Mae and Freddie Mac (the Enterprises) in 2025.  In most of the United States, the 2025 CLL value for one-unit properties will be $806,500, an increase of $39,950 (or 5.2 percent) from 2024. 

National Baseline

The Housing and Economic Recovery Act (HERA) requires FHFA to adjust the Enterprises' baseline CLL value each year to reflect the change in the average U.S. home price.  Earlier today, FHFA published its third quarter 2024 FHFA House Price Index® (FHFA HPI) report, which includes statistics for the increase in the average U.S. home value over t...

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For release:
May 19, 2025

California home sales retreat for second straight month in April
 as median home price hits new all-time high, C.A.R. reports

• Existing, single-family home sales totaled 267,710 in April on a seasonally adjusted annualized rate, down 3.4 percent from 277,030 in March and down 0.2 percent from 268,170 in April 2024.
  
  
• April's statewide median home price was $910,160, up 2.9 percent from March and up 0.7 percent from $904,010 in April 2024.
  
  
• Year-to-date statewide home sales were up 1.4 percent.

LOS ANGELES (May 19) – Amid an environment of economic uncertainty during April, California's housing market retreated for the second straight month, while the median home price reached an all-time high, surpassing $900,000 for the first time in 10 months, CALIFORNIA ASSOCIATION OF REALTORS^® (C.A.R.) said today.

Infographic: https://www.car.org/Global/Infographics/2025-04-Sales-and-Price

Closed escrow sales of existing, single-family detached homes in California totaled a seasonally adjusted annualized rate of 267,710 in April, according to information collected by C.A.R. from more than 90 local REALTOR^® associations and MLSs statewide. The statewide annualized sales figure represents what would be the total number of homes sold during 2025 if sales maintained the April pace throughout the year. It is adjusted to account for seasonal factors that typically influence home sales.

April's sales pace fell 3.4 percent from the 277,030 homes sold in March and was down 0.2 percent from a year ago, when 268,170 homes were sold on an annualized basis. April's sales level was the lowest in three months.

Despite sales slightly exceeding last year's level for the first four months this year, the number of homes sold has hovered below the 300,000 benchmark for the last 31 months. As consumers remain worried about their financial outlook for the year ahead and the Federal Reserve holding  interest rates steady until there is more clarity, housing sentiment may decline further in the near term and could  keep home sales activity low for the rest of the spring buying season.

Statewide pending sales in April slipped from last year's level for the fifth consecutive month as housing sentiment continued to trend downward. The dip in open escrows is likely due partly to mortgage rates spiking and staying elevated throughout the month of April after President Trump's reciprocal tariff announcement on April 2. The public's growing concern of a recession triggered by the tariffs may also have played a role in the slowdown in housing demand. With mortgage rates expected to be volatile in the short term, pending sales could remain subdued.

"The housing market experienced a sluggish start to this spring buying season, as home purchase sentiment declined due to concerns over tariffs and a potential recession," said C.A.R. President Heather Ozur, a Palm Springs REALTOR®. "With prices gradually increasing and mortgage rates remaining high, homebuyers are showing some hesitation amid the economic uncertainty. As trade negotiations between the U.S. and its trading partners continue, we hope to see more clarity once these trade deals are finalized."

California reached a new all-time high median home price of $910,160 in April, marking the 22nd consecutive month of year-over-year increases. However, the annual price gain was the smallest since July 2023. Month-over-month, the median price also rose 2.9 percent from $884,350 in March, but the increase was smaller than the 10-year average gain of 4 percent typically seen between March and April. While the statewide median price is likely to continue rising in the coming months due to seasonal trends, April's slower price growth may signal that price moderation could persist as market uncertainties and economic concerns remain.

"Home prices continued to rise last month, pushing the statewide median price to a new high in April," said C.A.R. Senior Vice President and Chief Economist Jordan Levine. "Despite reaching a new record, prices are moderating as the latest yearly growth pace slowed to its lowest since mid-2023. Ongoing economic uncertainty has slightly dampened demand, while a steady increase in inventory has contributed to more moderate price growth this year."

Other key points from C.A.R.'s April 2025 resale housing report include:

• Unseasonally adjusted home sales in three of the five major regions in California increased from a year ago while the other two declined. The Central Coast region recorded the biggest increase from last year with a 10.5 percent jump in sales as three of its four counties recorded year-over-year sales gains in closed escrows. The Central Valley (3.4 percent) and Southern California (1.6 percent) also experienced an increase in properties sold when compared to a year ago, while the Far North region (-2.8 percent) and the San Francisco Bay Area (-1.4 percent) were the only two regions that posted year-over-year declines.

• Thirty-three of the 53 counties tracked by C.A.R. recorded sales increases from a year ago, with more than half (17) of them surging by over 10 percent on a year-over-year basis. Mono (133.3 percent) posted the sharpest sales increase from last year, followed by Trinity (100 percent), and San Benito (34.4 percent). Home sales declined from last year in 19 counties, with 10 of them falling by more than 10 percent. Mariposa (-59.1 percent) had the biggest drop in April, followed by Siskiyou (-37 percent) and Napa (-27.4 percent).

• At the regional level, four of the five major regions in California posted an increase in their median price from a year ago, but the increases were mostly mild. The Far North region experienced the largest price growth of all regions, with a moderate 4.3 percent gain from a year ago as all seven of its counties recorded year-over-year gains, and sales in four of them surged from last year by double-digits. The Central Coast (1.2 percent) came in second, followed by Southern California (0.8 percent), and the Central Valley (0.3 percent). The San Francisco Bay Area (-1.7 percent) was the only region that recorded a price decline from its year-ago level, as more than half of its counties registered price declines.
  
  

• Home prices increased on a year-over-year basis in many California counties, with April's median sales prices rising from their year-ago levels in 27 of the 53 counties tracked by C.A.R. Trinity (57 percent) experienced the biggest price jump in all counties last month, while prices in Plumas (54.7 percent) and Lassen (48.8 percent) both surged from their year-ago levels by more than 45 percent. Twenty-five counties registered a drop in median price from a year ago, with Mendocino (-21.1 percent) falling the most, followed by Mariposa (-18.3 percent), and Tuolumne (-15.9 percent).
  
  
• Deviating from its typical seasonal pattern, April's unsold inventory index (UII) remained unchanged from the prior month as the sales pace slowed at the start of the second quarter. The UII also grew from its year-ago level as additional new listings continued to be added to the market. The UII measures the number of months needed to sell the supply of homes on the market at the current sales rate. The index was 3.5 months in April, unchanged from March and up from 2.6 months in April 2024.

   

• Total active listings in April rose on a year-over-year basis at the fastest pace since January 2023.The level of active listings last month reached a 66-month high (since October 2019) and recorded its 15th consecutive month of annual gain in housing supply.

   

• New active listings at the state level rose year-over-year by double-digits for the fourth consecutive month, as more sellers listed properties onto the market at the start of the spring homebuying season. Newly added units continued to surge last month, growing 10.8 percent month-over-month in April. While it was a smaller clip than the growth pace registered in March, the monthly increase was the strongest March-to-April growth recorded since 2019.
  
  
• The median number of days it took to sell a California single-family home was 21 days in April, up from 16 days in April 2024.
  

• C.A.R.'s statewide sales-price-to-list-price ratio* was 100 percent in April 2025 and 100 percent in April 2024.
  
• The statewide median price per square foot** for an existing single-family home was $443, up from $440 in April a year ago.
  
• The 30-year, fixed-mortgage interest rate averaged 6.73 percent in April, down from 6.99 percent in April 2024, according to C.A.R.'s calculations based on Freddie Mac's weekly mortgage survey data.

Note:  The County MLS median price and sales data in the tables are generated from a survey of more than 90 associations of REALTORS^® throughout the state and represent statistics of existing single-family detached homes only. County sales data is not adjusted to account for seasonal factors that can influence home sales. Movements in sales prices should not be interpreted as changes in the cost of a standard home. The median price is where half sold for more and half sold for less; medians are more typical than average prices, which are skewed by a relatively small share of transactions at either the lower end or the upper end. Median prices can be influenced by changes in cost, as well as changes in the characteristics and the size of homes sold. The change in median prices should not be construed as actual price changes in specific homes.

*Sales-to-list-price ratio is an indicator that reflects the negotiation power of home buyers and home sellers under current market conditions. The ratio is calculated by dividing the final sales price of a property by its original list price and is expressed as a percentage. A sales-to-list ratio with 100 percent or above suggests that the property sold for more than the list price, and a ratio below 100 percent indicates that the price sold below the asking price.

**Price per square foot is a measure commonly used by real estate agents and brokers to determine how much a square foot of space a buyer will pay for a property. It is calculated as the sale price of the home divided by the number of finished square feet. C.A.R. currently tracks price-per-square foot statistics for 53 counties.

Leading the way…® in California real estate for nearly 120 years, the CALIFORNIA ASSOCIATION OF REALTORS^® (www.car.org) is one of the largest state trade organizations in the United States with more than 200,000 members dedicated to the advancement of professionalism in real estate. C.A.R. is headquartered in Sacramento

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April 2025 County Sales and Price Activity
(and condo sales data not seasonally adjusted)

r = revised
NA = not available

April 2025 County Unsold Inventory and Days on Market
(Regional and condo sales data not seasonally adjusted)

r = revised
NA = not available

Article belongs to CAR.org