California Housing Market Report & Predictions
Despite a big drop in housing sales, house prices across the State of California actually rose again in December. 2021 was a strong year. Despite slower sales in December, it was the best year for existing single–family home sales in California in over a decade.
The California statewide median house price rose 1.8% to $796,570 November. That was also a year over year gain of 11.0 percent from December 2020. Condo prices however did decline 1.2% from November to a new median of $612,750. CAR reports that home price growth is still increasing.
Housing inventory fell to a new record low of 1.2 months. Pending sales have been slumping badly for 4 months and the decline steepens. Listing prices have declined steeply in the past two months yet are starting to level off.
CAR reports a record low number of homes viewed per homebuyer now at 8, and 3 of them are online viewings. Two years ago homebuyers viewed 12 homes on average.
