California homeowners flatten asking prices as listings jump 50%

"California's average listing price of $764,000 for the three months ending in May was the third-highest asking price in the nation, trailing only Massachusetts and Hawaii."

"The 1% dip in asking price since spring 2023 contrasts sharply with the previous four years, as California experienced a 33% surge in asking prices between 2019 and 2023."

"Despite a 50% increase in active listings from 2023, California listings remain 13% below normal levels of six years ago, indicating supply challenges persist."

"California's two-year inventory jump ranked only No. 30 nationally, highlighting a slower increase compared to states like Florida, which saw a 125% increase."

In California, home sellers reduced asking prices by 1% in spring 2023, following a significant 50% increase in active listings. Despite this dip, prices remain high, with an average of $764,000, the third-highest nationally. Inventory levels, while up, still fall 13% below pre-pandemic norms. Factors including affordability struggles and a shift in buyer preferences to larger spaces contributed to the overall market dynamics. California's inventory jump ranked 30th nationally, indicating slower growth compared to other states like Florida, which experienced a much larger increase.

Read at www.ocregister.com