California’s Housing Market Forecast
The latest home sales and price data from CAR shows the California housing market is progressing but is constrained by a lack of supply.
For renters, the 13 months of the pandemic eased rent prices in California, however that trend appears to be abating (see below).
In March, both prices and sales took a major leap upward. Nearly two thirds of homes sold were above asking price. The Median California statewide median home price rose 8.6% to $758,990 from February and was up 23.9% from March 2020. Year to date home sales across the state jumped 17.1% from March 2020.
Closed escrow sales of existing, single-family detached homes reached a seasonally adjusted annualized rate of 446,410 last month. It’s a seller’s market and buyers are facing very competitive conditions. The price trends in California are supporting a much stronger rental property market and helping to grow demand for property managers and online property management software. Learn more about the sector.