California has seen a 1% decline in home listing prices this spring compared to two years ago, despite a 50% increase in active listings since 2023. Affordability issues have restricted potential buyers, as both prices and mortgage rates remain high. The number of available homes is still below 2019 levels by 13%. California recorded a significant inventory increase but remained below national averages. Despite minor price reductions, the listings continue to be among the highest in the country, indicating ongoing pricing challenges for buyers.
California's list prices are down 1% this spring compared with two years ago, after a dramatic increase in available listings. The current inventory has surged by 50%.
Although Californian home sellers are facing pressure, the 1% decline in asking prices is minor compared to previous years, reflecting changes in supply and demand dynamics.
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