California home sales and prices continue to surge in April – The California Association of Realtors reported that existing home sales totaled 458,170 on a seasonally adjusted annualized rate in April. That marked a month-over-month increase of 2.6% from the number of homes sold in March. Year-over-year the number of sales were up 65.1% from last April when sales dropped over 30% from April 2019 to an annualized rate of just 277,400 homes sold due to the pandemic.
The median price paid for a home in April was $813,980, up 7.4% from March’s $758,990 median price. Year-over-year the median price increased 34.2% from last April when the median price was $606,410. April marked the highest year-over-year gain in prices ever recorded. It should be noted that even though the number of sales were down in April 2020 from the previous April because of the pandemic, the median sales price was up year-over-year, so a 34.2% increase is remarkable.
The California Association of Realtors tracks inventory levels based on how many months it would take to sell the active listings in all MLS systems at the current sales level. There was just a 1.6 month supply of homes for sale in April, almost unchanged from 1.7 months in March. There was a 3.4 month supply of homes for sale last April.