Although you may see avocados in stores all year round, it's important to know that California Avocados are not available all year round. Each year, California Avocados are in season from spring through summer/early fall, with the bulk of the fruit staying in the Western United States.
HOW CAN YOU FIND CALIFORNIA AVOCADOS?
All California Avocados should be labeled with a sticker or label of origin. Be sure to look for the iconic "California" Avocado label to ensure you are getting fresh, locally grown avocados when in season.
HERE ARE SOME MORE TIPS ON HOW TO FIND CALIFORNIA AVOCADOS:
Sometimes due to supply-related incidences, retailers will have a different country of origin. If you can't find conventionally grown California Avocados, don't forget to check the organic section
Produce managers at your local grocery store are a great resource for answering questions and helping you find exactly what you're looking for. Let them know your preference for locally grown fruit
Many farmer's markets carry California Avocados when in season. Just be sure to ask the grower/vendor if their avocados are from California
Be sure to mark your calendars and check out our store locator to find fresh, California Avocados near you as well as the latest news on when to expect them if they are not currently in season.
Mortgage rates are expected to decline later this year as the U.S. economy weakens, inflation cools and the Federal Reserve cuts interest rates. But until the Fed sees evidence of slowing economic growth, interest rates will stay higher for longer.
The 30-year fixed mortgage rate is expected to fall to the mid-6% range through the end of 2024, potentially dipping into high-5% territory by the end of 2025.
Here's where mortgage interest rates are headed for the rest of the year and how that will impact the housing market as a whole.
Mortgage rates are expected to decline when the Federal Open Market Committee cuts the benchmark interest rate, which is likely to happen in the second half of 2024. But as long as inflation runs hotter than the Fed would like, rates will remain elevated at their current levels.
"Strong incoming economic and inflation data has caused the market to re-evaluate the path of monetary policy, leading to higher mortgage rates," says Sam Khater, Freddie Mac's chief economist, in a Feb. 22 statement.
Most economists agree that rates should pull back gradually to the mid-6% range by year-end. Here's what experts have to say about their predictions for this year.
• Fannie Mae: Rates Will Decline to 6.4%
The April Housing Forecast from Fannie Mae puts the average 30-year fixed rate at 6.7% during the first quarter of 2024, falling to 6.4% by year-end. This reflects an upward revision in Fannie's analysis: Two months ago, the mortgage giant expected rates would dip below 6% at the end of this year. All told, Fannie Mae predicts mortgage rates will average 6.6% in 2024 and 6.1% in 2025.
"Financial markets rapidly repriced their interest rate expectations following hotter-than-expected inflation reports and ongoing strong payroll employment gains," says Hamilton Fout, vice president of Fannie Mae's Economic and Strategic Research group, in an April 23 statement. "While we still expect economic growth and inflation to moderate going forward – and, thus, for mortgage rates to drift downward – interest rates existing in a 'higher for longer' state seems to be an increasingly real possibility in the eyes of market participants, as well as some homebuyers and sellers."
• MBA: Rates Will Decline to 6.4%
In its April Mortgage Finance Forecast, the Mortgage Bankers Association predicts that mortgage rates will fall from 6.8% in the first quarter of 2024 to 6.4% by the fourth quarter. The industry group expects rates will fall below the 6% threshold in the fourth quarter of 2025.
"We made significant changes to our forecast in April as a result of recent data showing surprisingly persistent inflation in the context of a strong job market," MBA economists say of the forecast. "Most notably, we are now looking for a first rate cut from the Fed in September of 2024, pushed back from our prior forecast of a June cut, and expecting only two rather than three cuts this year."
• NAR: Rates Will Decline to 6.5%
The National Association of Realtors expects mortgage rates will average 6.8% in the first quarter of 2024, rising to 7.1% in the second quarter, according to its latest Quarterly U.S. Economic Forecast. The trade association predicts that rates will fall in the second half of the year, reaching 6.5% in the fourth quarter.
"The bottom line for spring homebuyers is that mortgage interest rates may show little dramatic downward movement any time soon," says Jessica Lautz, deputy chief economist and vice president of NAR Research, in an April 25 statement.
• Realtor.com: Rates Will Decline to 6.5%
The real estate listings website Realtor.com predicts in a 2024 Housing Market Forecast that rates will average 6.8% this year, dipping to 6.5% by the end of 2024.
"Although mortgage rates are expected to begin to ease, they are expected to exceed 6.5% for the calendar year," the report reads. "This means that the lock-in effect, in which the gap between market mortgage rates and the mortgage rates existing homeowners enjoy on their outstanding mortgage, will remain a factor."
• Wells Fargo: Rates Will Decline to 6.5%
In its latest U.S. Economic Outlook, the Economics Group of Wells Fargo Bank puts the 30-year conventional mortgage rate at 7.05% in the second quarter of 2024, declining to 6.5% by the end of the year. Wells Fargo economists predict that the average rate will dip below 6% in the fourth quarter of 2025.
"Although policy easing may arrive a bit later than previously expected, we still believe the FOMC will start cutting rates before the year is out," Wells Fargo researchers say in an April forecast update. "We expect inflation to trend lower throughout the year, but progress will likely be gradual."
Stubbornly high mortgage rates in 2023 were a byproduct of the Fed's battle to tame inflation to its 2% annual target amid positive economic growth, despite the pressures of rising interest rates. The central bank raised the federal funds rate seven times in 2022 and another four times in 2023, with the latest 25-basis-point rate hike coming at its July meeting.
During the Fed's May 2024 rate-setting meeting, policymakers voted again to hold the target range steady at 5.25% to 5.5%, and it appears the central bank has finished its tightening cycle. Fed Chair Jerome Powell said at a May 1 news conference that another rate hike is "unlikely," but that policymakers are "prepared to maintain the current target range for the federal funds rate for as long as appropriate."
The Fed's latest projections materials released in March show that three rate cuts are still expected in 2024, bringing the rate down by three-quarters of a percentage point by the end of the year. However, the Fed's economic policy isn't set in stone. If the economy begins to show signs of heating up, policymakers may adjust their path accordingly.
But given the Fed's projections and recent commentary, multiple rate cuts in 2024 seem more likely than not, just not as soon as previously thought. At the beginning of the year, many economists believed rate cuts would begin in March – and then they thought May, then June at the earliest. Now, economists at Freddie Mac, the MBA and Wells Fargo predict that the FOMC will cut rates in September.
Another reason mortgage rates are expected to fall is the abnormally large spread between the 30-year fixed mortgage rate and the yield on 10-year Treasury bonds. That spread is historically around 170 basis points, but it was closer to 300 basis points throughout most of 2023.
Treasury yields have moderated over the past few months, and if spreads were to return to "normal," mortgage rates would be closer to 6%. The spread probably won't fall to 170 points anytime soon, but it is expected to retreat somewhat this year, which will help bring mortgage rates to the low-6% range.
"Mortgage-Treasury spreads have narrowed with recent levels near 250 basis points, still wide relative to historical averages but much better than the 300 basis points experienced last year," MBA economists say. "We expect the spread will tighten further by the end of 2024."
Shopping Around for a Mortgage Rate
Comparing mortgage rates can save you thousands of dollars in interest over time. Here's how to shop around for a lower mortgage rate in five steps.
"The disparity between today's higher market mortgage rates and the lower rates that existing homeowners benefit from on their current mortgages, commonly referred to as the lock-in effect, is expected to play a role in maintaining low inventory levels." – Jiayi Xu, economist at Realtor.com
"The demand for housing will recover from falling mortgage rates and rising income. In addition, housing inventory is expected to rise by around 30% as more sellers begin to list after delaying selling over the past two years." – Lawrence Yun, chief economist at NAR
"We have seen early signs that rate lock is easing. Compared to pre-pandemic norms, the deficit of new listings is shrinking. It's important that this trend continues to bring the market better in balance." – Skylar Olson, chief economist at Zillow
Home Prices Will Stay High Amid Tight Housing Inventory
"We expect upward pressure on home prices to remain as more first-time homebuyers continue to flood the housing market that is plagued by a lack of supply." – Freddie Mac Economic & Housing Research Group
"Home prices keep marching higher. Only a dramatic rise in supply will dampen price appreciation." – Lawrence Yun, chief economist at NAR
"With mortgage rates dropping, demand for homes in early 2024 is likely to be strong and will again put pressure on prices, similar to trends observed in early 2023... most markets will continue to reach new home price highs over the course of 2024." – Selma Hepp, chief economist at CoreLogic
New Construction Will Have an Edge Over Existing-Home Sales
"While new home sales remained flat in February, our latest home builder surveys show increased levels of confidence driven by the ongoing lean levels of existing home inventory." – Carl Harris, chairman of the National Association of Home Builders
"Existing home inventory is expected to remain low, but relief from additional new single-family construction and rental unit completion will give families more housing options in 2024." – Danielle Hale, chief economist at Realtor.com
"New home sales continue to be stronger than existing-home sales, as buyers increasingly turn to newly constructed homes given the dearth of existing home listings and how competitive the bidding process still is. Data from our Builder Applications Survey have shown solid year-over-year gains in purchase applications in recent months." – Joel Kan, vice president and deputy chief economist at MBA
Mortgage rates are expected to stay higher for longer before declining later this year, which has implications for prospective homebuyers and sellers. But regardless of current mortgage rate trends, Americans will still have a motivation to move, whether they want to downsize in retirement or need to relocate for a better job.
Here's what you should consider if you're planning on buying or selling a home in 2024.
What Buyers Should Know: Waiting for Rates to Fall Comes With Its Downsides
Good things may come to those who wait, but patience doesn't always pay off in the housing market. Two-thirds of homebuyers are waiting for mortgage rates to fall this year before buying a home, according to a March U.S. News survey. However, 67% of 2024 buyers put off purchasing a home in 2023 because they were holding out for lower rates – which didn't come.
In fact, rates trended higher last year, reaching a new peak of 7.79% in late October, according to Freddie Mac, before plunging a full percentage point to around 6.6% by year-end. And in the first quarter of 2024, rates started rising amid unexpected economic strength, hovering around the 7% mark once again.
In the time that homebuyers have been holding out for lower rates, home prices have continued to rise. On a national basis, home prices increased 6.38% between February 2023 and February 2024, according to the S&P CoreLogic Case-Shiller Home Price Index. Home prices are expected to stabilize this year – but buyers shouldn't expect them to come crashing down, at least not on a national level.
Here are a few 2024 home price forecasts from top U.S. housing groups:
CoreLogic: Home prices will rise over 4% in 2024.
Fannie Mae: Home prices will rise 4.8% in 2024 and 1.5% in 2025.
Freddie Mac: Home prices will rise 0.5% in 2024 and in 2025.
NAR: Home prices will rise 0.9% in 2024 to $389,500.
Zillow: Home prices will be steady this year, decreasing by -0.2%.
Although home prices aren't likely to drop significantly, it's still positive that they're not likely to keep rising at the double-digit pace seen in 2021 and 2022. Without over-the-top bidding wars to drive home values through the roof, buyers can expect more properties to choose from.
That's not to say it will be a buyer's market, but there should at least be some more balance between buyers and sellers. Buyers may be able to close the deal without having to waive important protections like home inspection and appraisal contingencies. What's more, existing home inventory is forecast to improve (at least marginally) as rates drift lower and some previously rate-locked homeowners decide to sell.
Additionally, buyers may find less competition in the new home construction market. Homeowners may be reluctant to sell and sacrifice their low mortgage rates, but homebuilders remain eager to close the deal. Although new-construction homes are typically more expensive than resale homes, builders may be willing to offer other concessions like price reductions or temporary interest-rate buydowns.
Should You Buy a Home Now or Wait?
Buying a home when mortgage rates are high can drive up your monthly payments, but waiting for rates to fall before buying a home comes with its downsides, too.
What Sellers Should Know: Remember That You're a Buyer, Too
Perhaps the biggest hurdle facing sellers is that they still need a place to live once they've sold their current home. For many, that means buying a new home at today's rates and home prices.
According to Federal Housing Finance Agency data, the average interest rate on existing mortgages is 4.1% – more than three full percentage points below the current prevailing rate available to new homebuyers. In fact, 87% of homeowners have a rate below 6%, and rates aren't expected to dip below that threshold this year.
Although many prospective sellers would be hard-pressed to give up their sub-3% mortgage rate, Zillow predicts that the rate lock-in effect will wear off somewhat this year as some homeowners grow tired of waiting to move.
Plus, a 2023 Fannie Mae survey suggests that low rates aren't the only factor keeping people from selling. While a fifth of mortgage borrowers (21%) say that their low mortgage rate is causing them to stay in their home for longer, nearly as many said they simply like their current home (19%). Perhaps unsurprisingly, 13% say they're staying put because home prices are too high to buy another home.
However, there is a silver lining for sellers who are also buyers: Most homeowners who have been at their current home for at least a few years are sitting on a mountain of equity thanks to double-digit home price appreciation during that time. With a successful sale, homeowners can tap into that equity to put toward their next home purchase.
The forecast for mortgage refinance rates is pretty much the same as the forecast for mortgage purchase rates: They're likely to decline somewhat this year, but they won't return to pandemic-era lows anytime soon. Since most homeowners have a lower rate than what's currently available, it doesn't really make sense to try to refinance to a lower rate right now.
The exception would be recent homebuyers who borrowed when mortgage rates were high in 2023. The vast majority (84%) of Americans who bought a home in the past year plan on refinancing to a lower rate in the future, according to a September U.S. News survey. Most of them plan on waiting until rates drop below 6%; about a fifth (19%) will wait until rates fall below 5%, and that might not happen within the next three years.
Still, it's possible to refinance if your goal isn't just to get a lower rate. With rate-and-term refinancing, you can switch to a shorter repayment period, like a 15-year mortgage. Doing so can help you pay off your mortgage faster and save money in the long run, since you'll be making fewer interest payments to the lender. Of course, if your new rate is much higher, it may not be worthwhile in the long term, and your monthly payments may be significantly more expensive in the short term.
Others may want to refinance as a way to switch from an adjustable-rate mortgage, or ARM, to a fixed-rate mortgage. Refinancing to a fixed rate can help shield you from higher monthly payments when the rate adjusts, which can make it easier to budget for your housing costs. However, fixed rates are generally higher than adjustable rates, so it may be difficult to justify a refinance unless your ARM rate is slated to increase meaningfully.
Additionally, some homeowners may want to refinance to access their home's equity. A cash-out refinance is when you borrow a mortgage that's larger than what you currently owe, allowing you to pocket your home's equity in cash. This might be possible if your home's value has risen dramatically or you've paid down your mortgage significantly over the past few years. But keep in mind that you'll be taking on a larger loan amount and more debt, paying more money toward interest over time. Plus, you'll still be stuck with a higher rate.
Top offers on Bankrate vs. the national average interest rate
Hover for more
Top offers on Bankrate:6.43%
National average:7.05%
For the week of May 24th, top offers on Bankrate are 0.62% lower than the national average. On a $340,000 30-year loan, this translates to $1,686 in annual savings.
Today's national mortgage interest rate trends
For today, Tuesday, May 28, 2024, the current average interest rate for a 30-year fixed mortgage is 7.11%, up 5 basis points over the last seven days. For homeowners looking to refinance, the national interest rate for a 30-year fixed refinance is 7.11%, rising 8 basis points over the last seven days. In addition, the current average 15-year fixed refinance interest rate is 6.64%, up 11 basis points over the last week. For now, the consensus is that mortgage rates will ease down in 2024. Whether you need a mortgage now or plan to get one in the next year or two, it's crucial to compare offers. Bankrate can connect you with current offers on various types of loans, often well below the national average. We display the lender's interest rate, APR (rate plus costs) and estimated monthly payment to help you more easily find the best mortgage for your needs.
Mortgage news this week - May 22, 2024
Mortgage rates inch down again, nearing 7%
Mortgage rates dipped again this week, according to Bankrate's national survey of large lenders, with the average price of a 30-year loan decreasing to its lowest level since early April. While mortgage rates are still higher today compared to recent years, the spring homebuying season could improve for buyers. In good news for sellers and tough news for buyers, median home prices are back above $400,000, according to the National Association of Realtors.
Mortgage analyst Jeff Ostrowski covers more on the latest rate movement in our weekly update.
Rates could keep dipping, at least in the short term
Ken Johnson
Sean Salter
Michael Becker
Ken Johnson
Real estate economist, Florida Atlantic University
"The yield on 10-year Treasurys continues to decline slowly. Mortgage rates will do the same. Next week, long-term mortgage rates will move downward." - May 21
Getting the best possible rate on your mortgage can mean a difference of hundreds of extra dollars in or out of your budget each month — not to mention thousands saved in interest over the life of the loan. You won't know what rates you qualify for, though, unless you comparison-shop. Here's how to do it:
Determine what type of mortgage is right for you. Consider your credit score and down payment, how long you plan to stay in the home, how much you can afford in monthly payments and whether you have the risk tolerance for a variable-rate loan versus a fixed-rate loan.
Compare mortgage rates. There's only one way to be sure you're getting the best available rate, and that's to shop at least three lenders, including large banks, credit unions and online lenders. Bankrate offers a mortgage rates comparison tool to help you find the right rate from a variety of lenders. Keep in mind: Mortgage rates change daily, even hourly, based on market conditions, and vary by loan type and term.
Choose the best mortgage offer for you. Bankrate's mortgage calculator can help you estimate your monthly mortgage payment, which can be useful as you consider your budget. Look at the APR, not just the interest rate. The APR is the total cost of the loan, including the interest rate and other fees. These fees are part of your closing costs.
It's been proven: Shopping with multiple lenders can save you up to $1,200 a year. Bankrate's mortgage amortization calculator shows how even a 0.1 percent difference on your rate can translate to thousands of dollars you could pay over the life of the loan.
LENDER COMPARE
Compare mortgage lenders side by side
Mortgage rates and fees can vary widely across lenders. To help you find the right one for your needs, use this tool to compare lenders based on a variety of factors. Bankrate has reviewed and partners with these lenders, and the two lenders shown first have the highest combined Bankrate Score and customer ratings. You can use the drop downs to explore beyond these lenders and find the best option for you.
Your credit and finances: The better your credit score, the better interest rate you'll get. The same goes for the size of your down payment and the amount of debt you carry: Generally, if you have more money to put down, you'll get a lower rate. If you have additional debt, your rate might be higher.
Loan amount: The size of your loan can impact your rate.
Loan structure: Your rate varies whether you're obtaining a fixed-rate or adjustable-rate loan. It also depends on the length of the loan (for example, 30 years or 15 years).
Location of the property: Rates vary depending on where you're buying.
Whether you're a first-time homebuyer: Many first-time homebuyer loan programs include a lower-rate mortgage.
Economic factors: Broadly, mortgage rates are impacted by forces like the Federal Reserve, inflation and investor appetite.
The lender you work with: Lenders set rates based on many factors, including their own supply and demand.
When interest rates fall, you might choose to refinance your mortgage to a new loan at a lower rate. The process isn't much different from your original mortgage application, and you'll likely pay less in closing costs this time around compared to when you first bought a home.
While most borrowers today have mortgages with already-low rates, there are still some instances when refinancing might make sense. If you're considering refinancing, think about your goals. Do you want to save money? Take cash out? Pay off your mortgage faster? Get a fixed rate? Borrowers refinance for these and many other reasons. Compare refinance rates and do the math with Bankrate's refinance calculator.
Written by: Jeff Ostrowski, Principal Reporter, Mortgages
I cover mortgages and the housing market. Before joining Bankrate in 2020, I spent more than 20 years writing about real estate and the economy for the Palm Beach Post and the South Florida Business Journal. I've had a front-row seat for two housing booms and a housing bust. I've twice won gold awards from the National Association of Real Estate Editors, and since 2017 I've served on the nonprofit's board of directors.
Edited by: Suzanne De Vita, Senior Editor, Home Lending
I've covered the housing market, mortgages and real estate for the past 12 years. At Bankrate, my areas of focus include first-time homebuyers and mortgage rate trends, and I'm especially interested in the housing needs of baby boomers. In the past, I've reported on market indicators like home sales and supply, as well as the real estate brokerage business. My work has been recognized by the National Association of Real Estate Editors.
Greg McBride is a CFA charterholder with more than a quarter-century of experience in personal finance, including consumer lending prior to coming to Bankrate. Through Bankrate.com's Money Makeover series, he helped consumers plan for retirement, manage debt and develop appropriate investment allocations. He is an accomplished public speaker, has served as a Wall Street Journal Expert Panelist and served on boards in the credit counseling industry for more than a decade and the funding board of the Rose Foundation's Consumer Financial Education Fund.
Spring homebuying season kicks off with encouraging start; California median home price sets new all-time high, C.A.R. reports
Existing, single-family home sales totaled 275,540 in April on a seasonally adjusted annualized rate, up 3.0 percent from 267,470 in March and up 4.4 percent from 263,960 in April 2023.
April's statewide median home price was$904,210, up 5.8 percent from March and up 11.4 percent from $811,510 in April 2023.
Year-to-date statewide home sales were up 1.6 percent.
LOS ANGELES (May 17) – California's housing market rebounded in April as sales rose on both a monthly and yearly basis, while the statewide median home price exceeded $900,000 for the first time ever, setting a new record-high,theCALIFORNIA ASSOCIATION OF REALTORS® (C.A.R.) said today.
Closed escrow sales of existing, single-family detached homes in California totaled a seasonally adjusted annualized rate of 275,540 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 2024 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 rose 3.0 percent from the revised 267,470 homes sold in March and increased 4.4 percent from a year ago, when a revised 263,960 homes were sold on an annualized basis. The sales pace remained below the 300,000-threshold for the 19th consecutive month. Year-to-date home sales grew 1.6 percent.
"April's rebound in both home sales and price shows the resilience of California's housing market and is a signal that buyers and sellers are beginning to adjust to the higher interest rate environment," said C.A.R. President Melanie Barker, a Yosemite REALTOR®. "Market fundamentals are showing signs of improvement, and competition is on the rise again; homes are selling faster and nearly half the share of homes is selling above asking price ― the highest in nine months."
The statewide median price recorded a new all-time high in April, jumping 11.4 percent from $811,510 in April 2023 to $904,210 in April 2024, exceeding the $900,000-benchmark for the first time in history. California's median home price was 5.8 percent higher than March's $854,490. The year-over-year gain was the 10th straight month of annual price increases for the Golden State. Seasonal factors and tight housing supply conditions will continue to put upward pressure on home prices in the coming months.
Sales of homes priced at or above $1 million dollars in California continue to hold up better than their more affordable counterparts in the state in the last few months. Sales in the $1 million-and-higher market segment surged 39.8 year-over-year in April, while the sub-$500,000 segment declined again moderately (-8.0 percent). The change in the mix of sales of homes priced above $1 million made up more than a third (36.4 percent) of all sales ― the largest share in at least the last five years. The growth in sales of higher-priced homes continued to provide upward support to the statewide median price and was partly responsible for the solid increase in year-over-year growth rate at the start of the second quarter.
"While the market performed solidly in April, we don't expect to see a rapid recovery as long as inflation remains sticky and mortgage rates continue to fluctuate despite recent dips," said C.A.R. Senior Vice President and Chief Economist Jordan Levine. "However, housing inventory has also started to increase, which will provide much-needed supply to the market and facilitate a higher level of home sales in the second half of the year."
Other key points from C.A.R.'s April 2024 resale housing report include:
At the regional level, unadjusted raw sales for all major regions advanced in April both month-over-month and year-over-year. The Central Coast region increased the most from a year ago, surging 26.7 percent, followed by double digit gains in the San Francisco Bay Area (23.1 percent) and the Central Valley (11.3 percent). The Far North (9.4 percent) and Southern California (8.7 percent) also recorded sales gains from a year ago, but at a more modest pace.
Fourteen of the 53 counties tracked by C.A.R. recorded sales declines from a year ago, with five counties dropping more than 10 percent and two of those counties registering sales declines of more than 20 percent from last April. Sutter (-26.1 percent) posted the biggest sales dip, followed by Mono (-25.0 percent), and Lassen (-20.0 percent). Thirty-nine counties experienced sales increases from last year, with sales in 31 of those counties jumping more than 10 percent from a year ago. Mariposa (340.0 percent) registered the largest yearly sales gain, followed by Mendocino (84.0 percent) and Santa Cruz (63.5 percent).
At the regional level, all major regions except one experienced an increase in their median price from a year ago. The San Francisco Bay Area recorded the biggest price jump on a year-over-year basis, increasing 15.5 percent from last April. Along with Southern California (12.1 percent), they were the only two regions posting a double-digit price gain from a year ago. The Central Valley (6.6 percent) and the Central Coast (5.6 percent) also posted a median price increase from last April, but their growth rates were relatively mild compared to the aforementioned regions. The Far North region (-5.2 percent) was the only major region that posted a decline in median price, as six of the seven counties in the region recorded a price decline compared to a year ago.
Home prices continued to show year-over-year improvement in many counties, with forty counties across the state registering a median price higher than what was recorded a year ago. Del Norte (41.3 percent) had the biggest increase in price in April, followed by Santa Barbara (29.6 percent) and Mariposa (29.3 percent). Thirteen counties had a decline in median price from last year, with Trinity dropping the most at -31.1 percent, followed by Lassen (-19.0 percent), and Amador (-10.2 percent).
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, remained flat at 2.6 months in April. The index was 2.5 months in April 2023.
Active listings declined from a year-ago in two counties in April. Mono had the biggest year-over-year drop at -19.0 percent, followed by San Francisco (-9.4 percent). Forty-nine counties recorded a year-over-year gain, with active listings in Solano jumping the most at 77.1 percent, followed by El Dorado (64.6 percent) and Calaveras (62.7 percent). On a month-to-month basis, four counties recorded a drop in active listings from March, while 49 counties recorded a monthly increase in for-sale properties. Plumas (52.3 percent) posted the largest monthly increase in active listings of all counties, while Mariposa (-7.6 percent) had the sharpest decline.
New active listings at the state level increased from a year ago for the fourth consecutive month by double digits as more sellers listed their homes up for sale in time for the spring home buying season. Despite the moderate uptick in housing demand last month, the jump in new housing supply contributed to an improvement in the overall active listings.
Forty-nine of the 51 counties tracked by C.A.R. new active listings improved from April 2023, with Plumas improving the most on a year-over-year basis at 92.9 percent, followed by Siskiyou (77.3 percent) and El Dorado (73.6 percent). New active listings declined in two counties from last April, with Lake (-15.1 percent) leading the duo, followed by Lassen (-8.6 percent).
The median number of days it took to sell a California single-family home was 16 days in April and 20 days in April 2023.
C.A.R.'s statewide sales-price-to-list-price ratio* was 100.0 percent in April 2023 and 100.0 percent in April 2023.
The statewide average price per square foot** for an existing single-family home was $440, up from $394 in April a year ago.
The 30-year, fixed-mortgage interest rate averaged 6.99 percent in April, up from 6.34 percent in April 2023, 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 51 counties.
Leading the way…® in California real estate for more than 118 years, the CALIFORNIA ASSOCIATION OF REALTORS®(www.car.org) is one of the largest state trade organizations in the United States with more than 180,000 members dedicated to the advancement of professionalism in real estate. C.A.R. is headquartered in Los Angeles.
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April 2024 County Sales and Price Activity (Regional and condo sales data not seasonally adjusted)
April 2024
Median Sold Price of Existing Single-Family Homes
Sales
State/Region/County
April
2024
March
2024
April
2023
Price MTM% Chg
Price YTY% Chg
Sales MTM% Chg
Sales YTY% Chg
Calif. Single-family home
$904,210
$854,490
$811,510
r
5.8%
11.4%
3.0%
4.4%
Calif.
Condo/Townhome
$688,000
$675,000
$634,000
1.9%
8.5%
11.3%
15.6%
Los Angeles Metro Area
$840,000
$801,000
$740,000
4.9%
13.5%
9.5%
9.0%
Central Coast
$1,077,500
$950,000
$1,020,000
13.4%
5.6%
4.0%
26.7%
Central Valley
$493,500
$478,600
$463,000
3.1%
6.6%
8.8%
11.3%
Far North
$364,900
$374,950
$385,000
-2.7%
-5.2%
6.5%
9.4%
Inland Empire
$607,000
$594,250
$565,000
2.1%
7.4%
1.2%
1.5%
San Francisco Bay Area
$1,444,000
$1,386,500
$1,250,000
4.1%
15.5%
25.5%
23.1%
Southern California
$880,000
$850,000
$785,000
3.5%
12.1%
8.8%
8.7%
San Francisco Bay Area
Alameda
$1,401,250
$1,400,000
$1,225,000
0.1%
14.4%
19.2%
20.3%
Contra Costa
$940,000
$890,000
$900,000
5.6%
4.4%
41.2%
19.4%
Marin
$1,700,000
$1,957,500
$1,790,000
-13.2%
-5.0%
49.0%
2.1%
Napa
$950,000
$880,000
$815,000
8.0%
16.6%
42.4%
37.7%
San Francisco
$1,800,000
$1,745,000
$1,587,500
3.2%
13.4%
31.7%
27.9%
San Mateo
$2,150,000
$2,170,000
$1,970,000
-0.9%
9.1%
28.1%
51.8%
Santa Clara
$2,000,000
$1,910,000
$1,800,000
4.7%
11.1%
24.8%
40.8%
Solano
$590,000
$584,950
$580,000
0.9%
1.7%
3.3%
-6.0%
Sonoma
$850,000
$865,000
$840,000
-1.7%
1.2%
14.3%
17.5%
Southern California
Imperial
$377,500
$349,000
$338,000
8.2%
11.7%
-26.8%
-19.6%
Los Angeles
$825,970
$805,100
$738,520
2.6%
11.8%
11.7%
9.0%
Orange
$1,440,000
$1,400,000
$1,225,000
2.9%
17.6%
16.6%
24.7%
Riverside
$650,000
$640,000
$615,000
1.6%
5.7%
2.1%
-0.4%
San Bernardino
$516,080
$499,900
$450,000
3.2%
14.7%
-0.5%
5.3%
San Diego
$1,047,500
$1,020,000
$930,000
2.7%
12.6%
7.5%
8.8%
Ventura
$940,000
$918,040
$885,500
2.4%
6.2%
29.6%
10.7%
Central Coast
Monterey
$986,500
$932,500
$952,500
5.8%
3.6%
-8.2%
8.1%
San Luis Obispo
$894,500
$850,000
$925,000
5.2%
-3.3%
3.3%
30.1%
Santa Barbara
$1,400,000
$1,015,000
$1,080,500
37.9%
29.6%
-2.4%
20.1%
Santa Cruz
$1,420,000
$1,300,000
$1,349,500
9.2%
5.2%
37.5%
63.5%
Central Valley
Fresno
$421,940
$413,000
$413,000
2.2%
2.2%
-3.5%
-2.1%
Glenn
$362,000
$340,000
$349,000
6.5%
3.7%
-9.1%
-9.1%
Kern
$377,000
$382,180
$375,000
-1.4%
0.5%
10.4%
14.5%
Kings
$379,000
$345,000
$361,000
9.9%
5.0%
9.0%
-5.2%
Madera
$457,500
$435,000
$420,000
5.2%
8.9%
7.0%
23.2%
Merced
$399,000
$392,000
$365,120
1.8%
9.3%
5.9%
25.0%
Placer
$671,740
$659,000
$650,000
1.9%
3.3%
21.8%
26.8%
Sacramento
$548,580
$550,000
$515,000
-0.3%
6.5%
11.7%
9.0%
San Benito
$807,500
$768,000
$768,000
5.1%
5.1%
-3.0%
18.5%
San Joaquin
$540,000
$550,000
$520,000
-1.8%
3.8%
13.3%
21.5%
Stanislaus
$485,000
$460,000
$451,000
5.4%
7.5%
12.3%
6.2%
Tulare
$379,990
$374,990
$357,000
1.3%
6.4%
-5.2%
4.8%
Far North
Butte
$450,000
$434,000
$469,000
3.7%
-4.1%
6.9%
10.7%
Lassen
$205,000
$247,000
$252,950
-17.0%
-19.0%
60.0%
-20.0%
Plumas
$320,000
$407,500
$319,250
-21.5%
0.2%
25.0%
25.0%
Shasta
$360,000
$364,000
$390,000
-1.1%
-7.7%
0.0%
17.9%
Siskiyou
$281,500
$350,000
$289,000
-19.6%
-2.6%
64.7%
-9.7%
Tehama
$309,750
$286,250
$315,000
8.2%
-1.7%
0.0%
-4.8%
Trinity
$212,000
$360,000
$307,500
-41.1%
-31.1%
-50.0%
-16.7%
Other Calif. Counties
Amador
$426,500
$482,500
$475,000
-11.6%
-10.2%
41.2%
45.5%
Calaveras
$493,000
$454,500
$495,000
8.5%
-0.4%
25.0%
46.3%
Del Norte
$445,000
$381,250
$315,000
16.7%
41.3%
-33.3%
-7.7%
El Dorado
$757,000
$677,000
$717,220
11.8%
5.5%
27.7%
27.0%
Humboldt
$400,000
$429,970
$439,000
-7.0%
-8.9%
23.5%
18.3%
Lake
$340,000
$315,000
$317,000
r
7.9%
7.3%
0.0%
15.7%
Mariposa
$549,500
$415,000
$425,000
32.4%
29.3%
-12.0%
340.0%
Mendocino
$583,500
$375,000
$485,000
55.6%
20.3%
7.0%
84.0%
Mono
$1,077,380
$1,250,000
$1,177,750
-13.8%
-8.5%
-72.7%
-25.0%
Nevada
$599,000
$525,000
$550,000
14.1%
8.9%
13.7%
23.9%
Sutter
$428,500
$403,200
$405,000
6.3%
5.8%
-8.1%
-26.1%
Tuolumne
$452,000
$400,000
$419,050
13.0%
7.9%
22.2%
-5.2%
Yolo
$615,000
$635,830
$605,000
-3.3%
1.7%
0.0%
11.2%
Yuba
$427,950
$452,570
$447,450
-5.4%
-4.4%
58.6%
39.4%
r = revised NA = not available
April 2024 County Unsold Inventory and Days on Market (Regional and condo sales data not seasonally adjusted)
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