Rising interest rates and home prices moderate California home sales in April

According to the latest California Association of Realtors report, California home sales retreated in April as rising interest rates and higher home prices depressed housing demand. The statewide median home price set another record, with the San Francisco Bay Area recording the highest yearover-year price growth.

Single-family home sales totaled 419,040 in April, down 1.9% from March and down 8.5% from April 2021. Meanwhile, April’s statewide median home price was a record $884,890, up 4.2% from March and up 8.7% from April 2021.

“As rates remain on the rise, the sense of urgency to buy is keeping the market highly competitive,

especially since housing inventory continues to stay well below pre-pandemic levels,” said C.A.R. President Otto Catrina. “While