The California Association of REALTORS® (C.A.R.) released its latest housing market data for January 2024, showing continued signs of stabilization across the state after a period of elevated interest rates and reduced inventory.
Statewide Home Sales
California home sales totaled 240,590 on a seasonally adjusted annualized rate in January 2024, down 1.8 percent from the 245,040 level recorded in December 2023 and down 7.0 percent from a year ago, when a revised 258,700 homes were sold on an annualized basis.
"The California housing market is showing signs of resilience despite ongoing affordability challenges," said C.A.R. President Melanie Barker. "While sales remain below year-ago levels, we are seeing buyer interest return as mortgage rates begin to ease from their recent peaks."
Median Home Price
California's median home price rose 6.5 percent year-over-year in January 2024 to $788,940, up from $740,320 in January 2023. On a month-to-month basis, the statewide median price decreased 2.4 percent from December's $808,290.
The Bay Area continued to command premium prices, with a median of $1,250,000 in January 2024. The Central Valley remained the most affordable major region at $430,000 median.
Housing Supply & Inventory
The Unsold Inventory Index (UII), which is the ratio of unsold listings to closed sales, was 2.8 months in January 2024, up from 2.3 months in January 2023. A balanced market is typically considered to be 6 months of supply.
The median number of days a home remained unsold on the market was 27 days in January 2024, compared with 26 days in December 2023 and 30 days in January 2023.
Solano County Highlights
Solano County, which includes Benicia, Vallejo, Fairfield, and Vacaville, saw median home prices of $520,000 in January 2024 — representing a 4.2 percent increase year-over-year. The county continues to attract buyers seeking more affordable alternatives to the core Bay Area markets while maintaining reasonable commute access.
Benicia specifically remains a highly desirable community, with its historic downtown, waterfront access, and strong school district continuing to support property values above the county median.
Source: California Association of REALTORS® (C.A.R.) Monthly Sales and Price Report. Data reflects closed escrow sales of existing, single-family detached homes only. Sales data from Multiple Listing Services throughout the state, and does not necessarily represent all listings or sales.