California's housing market has always been dynamic, and, so far, 2024 is no exception. With ever-changing economic factors, buyer behavior, and inventory levels, staying informed is crucial for single-family rental investors. This article takes a look at the latest trends in California real estate based on HouseCanary's Market Pulse Report for June 2024.
California's housing market appears to be finding a new equilibrium. While seller dominance remains prominent, there are signs of a cooling market. New listings, though down slightly from the previous month, are up 12.1% year-over-year, indicating a potential increase in available inventory. This could be a welcome change for buyers who have faced fierce competition in recent years.
HouseCanary's data reveals a similar trend in listings under contract. While decreasing slightly from May, they still show a 5.8% increase compared to June 2023. This suggests healthy buying interest, but with a less frenetic pace.
California's median home prices haven't dipped, but the rate of growth has slowed. The median new listing price sits at $899,900, a 2.9% increase from the previous month. This is still a significant year-over-year increase of 2.8%, but is also moderate compared to past months' growth.
Price per square foot is similar. Both new and active listings show a year-over-year increase, but with a slower pace compared to previous months. This trend is also reflected in closed median prices, which showcase an 11.9% annual increase, yet still a slight decrease compared to May 2024.
The data suggests a potential shift in the balance of power between buyers and sellers. The number of listings with price changes has risen significantly year-over-year. This indicates that some sellers might be adjusting their initial asking prices to meet market realities.
The median days to first price reduction remains steady, suggesting that motivated sellers are willing to adjust pricing relatively quickly. Months of inventory, a key metric for market balance, have also increased year-over-year, though remaining relatively low.
California's real estate market continues to evolve. While seller dominance may be easing slightly, competition is likely to remain a factor. For both buyers and sellers, having access to comprehensive and up-to-date market data is essential.
Making informed decisions in a dynamic market requires access to the most accurate and up-to-date data. HouseCanary offers a suite of data products designed to give you a comprehensive understanding of the California housing market:
By leveraging HouseCanary's AI-powered real estate data and insights, investors and lenders can confidently navigate the California real estate market. Stay ahead of the curve and make informed decisions with the power of data by your side. Find additional market reports here.
Data Source: This blog post utilizes data from HouseCanary's Market Pulse Report for California, specifically for the week ending June 21st, 2024.
Disclaimer: This blog post is for informational purposes only and should not be considered financial advice. Always consult with a qualified professional before making investment decisions.
Back to blog home
We build groundbreaking technologies to improve and accelerate residential real estate operations.
