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

May 9, 2025

 Slower home price gains boost California housing affordability in first-quarter 2025, C.A.R. reports

• Seventeen percent of California households could afford to purchase the $846,830 median-priced home in the first quarter of 2025, up from 15 percent in fourth-quarter 2024 and unchanged from 17 percent in first-quarter 2024.
  
  
• A minimum annual income of $218,000 was needed to make monthly payments of $5,450, including principal, interest, taxes and insurance on a 30-year fixed-rate mortgage at a 6.93 percent interest rate.
  
  
• Twenty-four percent of home buyers were able to purchase the $670,000 median-priced condo or townhome. A minimum annual income of $172,400 was required to make a monthly payment of $4,310.

LOS ANGELES (May 9) – Decelerating home price growth offset higher mortgage rates to allow more California homebuyers to purchase a home during the first quarter of 2025, the CALIFORNIA ASSOCIATION OF REALTORS^® (C.A.R.) said today.

Infographic: https://www.car.org/Global/Infographics/HAI-2025-Q1

Seventeen percent of the state's homebuyers could afford to purchase a median-priced, existing single-family home in California in first-quarter 2025, up from 15 percent in the fourth quarter of 2024 and unchanged from the first quarter of 2024, according to C.A.R.'s Traditional Housing Affordability Index (HAI). Housing affordability in California remained near its all-time low and continued to be a challenge for both buyers and sellers.

The first-quarter 2025 figure is less than a third of the affordability index peak of 56 percent in the first quarter of 2012. C.A.R.'s HAI measures the percentage of all households that can afford to purchase a median-priced single-family home in California. C.A.R. also reports affordability indices for regions and select counties within the state. The index is considered the most fundamental measure of housing well-being for home buyers in the state.

Mortgage rates rose to the highest level in three quarters amid growing economic uncertainty, keeping borrowing costs near their all-time highs. While the monthly minimum mortgage payment for a median-priced home (including taxes and insurance) slipped -1.8 percent from fourth-quarter 2024, it jumped 4.6 percent from first-quarter 2024, as the effective mortgage rate rose from both the previous quarter and the fourth quarter of last year.

A minimum annual income of $218,000 was needed to qualify for the purchase of a $846,830 statewide median-priced, existing single-family home in the first quarter of 2025. The monthly payment, including taxes and insurance (PITI) on a 30-year, fixed-rate loan, would be $5,450, assuming a 20 percent down payment and an effective composite interest rate of 6.93 percent. The effective composite interest rate was 6.76 percent in fourth-quarter 2024 and 6.86 percent in first-quarter 2024. Mortgage rates had been on the rise through the end of 2024, peaking just above 7 percent in mid-January before they began to moderate. Growing concerns of economic uncertainty, however, have created volatility in the past few weeks. Over the next quarter or two, rates may continue to fluctuate as the impact of trade policies enacted by the White House administration remains unclear. The Federal Reserve announced at their meeting this week that they are holding rates steady and will continue to evaluate the tariffs' effect on the economy in the months to come.

While the statewide median price of existing single-family homes in California declined 3.1 percent quarter-to-quarter, partly due to seasonal factors, the dip can also be attributed to a change in the mix of sales. On a year-over-year basis, California continued to record price increases for the seventh consecutive quarter, although price growth decelerated to 4.0 percent in first-quarter 2025, from 4.9 percent in the previous quarter. As the market moves further into the spring homebuying season, price growth is expected to remain solid as market competition heats up and housing supply tightens. However, higher levels of active listings not seen in the prior two years should help prevent the market from being overheated and may even slow down price growth in the buying season. While more moderate price growth will ease the affordability crunch that buyers face, elevated mortgage rates, on the other hand, will continue to be a challenge for many of them in the next couple of quarters.

The share of California households that could afford a typical condo/townhome in first-quarter 2025 remained steady at 24 percent, unchanged from the previous quarter and previous year. An annual income of $172,400 was required to make the monthly payment of $4,310 on the $670,000 median-priced condo/townhome in the first quarter of 2025.

Compared with California, more than one-third (37 percent) of the nation's households could afford to purchase a $402,300 median-priced home, which required a minimum annual income of $103,600 to make monthly payments of $2,590. Nationwide, affordability was unchanged from a year ago. In the first quarter of 2025, the nationwide minimum required annual income was less than half that of California's for the eighth consecutive quarter.

Key points from the first-quarter 2025 Housing Affordability report include:

• Compared to the previous quarter, housing affordability in the first quarter declined in 15 counties and remained unchanged in 12. However, 26 counties saw improved affordability due to slower home price growth and higher incomes, despite slightly higher mortgage rates. Year-over-year, affordability improved in 26 counties, while 20 experienced declines and 7 remained unchanged.
  
• Lassen (56 percent) remained the most affordable county in California, followed by Glenn and Tuolumne, where 40 percent of the households in those counties could afford to purchase the median-priced home in their county in the first quarter. Of all counties in California, Lassen continued to require the lowest minimum qualifying income ($60,400) to purchase a median-priced home in the first quarter of 2025.
  
• Mono (5 percent), was the least affordable county in California, followed by Santa Barbara (9 percent) and Monterey (10 percent) with each of them requiring a minimum income of at least $240,000 to purchase a median-priced home in the respective counties. San Mateo (16 percent) continued to require the highest minimum qualifying income ($561,600) to buy a median-priced home in first-quarter 2025. Together with Santa Clara (18 percent), they were the only two counties in California requiring a minimum qualifying income of over $500,000. Marin (20 percent) came in third with a minimum required income of $424,800.
  
  
• Although housing affordability improved in nearly half of all counties throughout the state due to higher household income and relatively slower home price growth, elevated mortgage rates and higher home prices overall continued to constrain improvements in affordability. As a result, housing affordability in 51 percent of the counties tracked by C.A.R. either remained unchanged or declined from the same quarter of last year. Tehama (33 percent) experienced the biggest drop in affordability, falling six points from first-quarter 2024. Imperial (25 percent) and Shasta (32 percent) followed closely, with each moving five points below last year.

See C.A.R.'s historical housing affordability data.
See first-time buyer housing affordability data.

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 200,000 members dedicated to the advancement of professionalism in real estate. C.A.R. is headquartered in Sacramento.

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CALIFORNIA ASSOCIATION OF REALTORS^®
Traditional Housing Affordability Index
First Quarter 2025

Traditional Housing Affordability Indices (HAI) were calculated based on the following effective composite interest rates: 6.93% (1Qtr. 2025), 6.76% (4Qtr. 2024) and 6.86% (1Qtr. 2024).

Article belongs to CAR.ORG