Just 16,180 new and resale home transactions closed escrow in California during January 2024. Home sales volume was down 12% from the prior month and up 8% from a year earlier, when sales volume was just starting its downward path, which continues today.

While sales volume year-to-date (YTD) is 8% above a year ago, compared to 2019 — the last year before pandemic volatility took over — sales volume YTD in January 2024 is 18% lower.

Annual home sales in 2023 experienced a 21% decrease from 2022. More critically, sales volume in 2023 was 29% below 2019 — the last year to experience a typical seasonal sales cycle.

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