California Home Sales Hit 42-Mo Slump

California existing single-family sales fell to a 265,320 annualized pace in Late-Q1, ↓3.5% MoM and ↓2.5% yearly, extending sub-300K sales to 42 straight mo.
The statewide median price reached $889.2K in Late-Q1, ↑7.1% MoM and up slightly yearly, while year-to-date California home sales ↓1.3%.
Higher mortgage rates, energy costs, financial-market volatility, and war-related uncertainty kept many buyers cautious, leaving California's housing market muted during the peak spring buying season.
Inventory tightened entering peak season. The statewide unsold inventory measure ↓17.5% MoM and ↓5.7% yearly, even as active listings rose in nearly half of counties.
Homes took 23 days to sell versus 22 a year earlier, the sales-to-list-price ratio stayed at 100%, and all five major regions posted yearly sales gains.