- Housing supply conditions in California appear to be turning the corner as the Unsold Inventory Index (UII) was unchanged from a year ago at 1.7 months in March, marking the first time in nearly two years that the index did not decline on a year-over-year basis. The index indicates the number of months it would take to sell the supply of homes on the market at the current rate of sales.
- Active listings in March climbed to the highest level in five months and posted the first year-over-year gain since June 2019. Newly added listings in March also increased for the first time in nine months, reaching the highest level since August 2021. The month-to-month increase of 37.7 percent in newly added listings was also the highest since May 2020.
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- The median number of days it took to sell a California single-family home was 8 days in March and 8 days in March 2021.
- C.A.R.’s statewide sales-price-to-list-price ratio* was 103.9 percent in March 2022 and 102.2 percent in March 2021.
- The statewide average price per square foot** for an existing single-family home rose above $400 for the first time. March’s price per square foot was $418, up from $357 in March a year ago.
- The 30-year, fixed-mortgage interest rate averaged 4.17 percent in March, up from 3.08 percent in March 2021, according to Freddie Mac. The five-year, adjustable mortgage interest rate averaged 3.19 percent, compared to 2.78 percent in March 2021.
