As slow as sales have been in western Nevada County through the first quarter, there’s a similar story playing out statewide. High prices, high interest rates, high home insurance costs and a low number of buyers active on the market and suddenly we have a high inventory of homes for this time of year.
Statewide, as the California Association of Realtors reports, that even as home sales are up year over year for the first quarter — a 1.9% increase, March was the fourth straight month with a decline in sales with a climbing median price and a decline in the number of pending sales.
March’s statewide median home price was $884,350, up 6.7% from February and up 3.5% from $854,370 in March 2024. Meanwhile pending transactions across the state show a 0.9% year-over-year decrease for the month.
As we reported earlier this month, the median price for a home in western Nevada County was $520,000 in March, according to Multiple Listing Service data. That was up 2.5% from February and the same median price recorded for March 2024.
LOS ANGELES – California home sales dialed back slightly in March as consumers grow increasingly concerned about their financial outlook in the year ahead, the California Association of Realtors reported.
March’s sales pace fell 2.3% from the 284,540 homes sold in February and was up 4.9 percent from a year ago, when a revised 264,200 homes were sold on an annualized basis. Despite a continued bounce back in sales since the beginning of 2025, the level of homes sold remained below the 300,000 mark for the last 30 months. With tariff threats and recession fears growing and home buyer optimism fading, home sales could remain soft in the months ahead.
Pending home sales across the state declined in March for the fourth straight month, reflecting continued weakening in housing sentiment. Fluctuating mortgage rates and rising recession fears likely contributed to the drop in demand. With rates expected to remain volatile, pending sales may stay soft as the spring homebuying season begins.
“Home sales slowed in March as both buyers and sellers grew more concerned about the ongoing tariff situation and its potential impact on their personal finances,” said C.A.R. President Heather Ozur, a Palm Springs REALTOR®. “With uncertainty weighing on those still striving for the American Dream, this is an important time for REALTORS® to use their expertise to guide clients through the challenges.”
The March statewide median price climbed 6.7% from $829,060 in February to $884,350 in March and 3.5% from $854,370 in March 2024. The year-over-year increase was the 21st straight month of price gains, but the improvement continued to be mild. On a monthly basis, the March median price jumped from the prior month, but the monthly improvement was slightly below the 10-year historical average increase of 7.7% recorded between February and March. The statewide median price should continue to climb in the next few months if it follows its seasonal pattern, but price growth in the second quarter could remain modest as market uncertainties and economic concerns linger on.
“Despite mortgage rate swings and financial market volatility, housing conditions remained stable in March,” said C.A.R. Senior Vice President and Chief Economist Jordan Levine. “Although slower open-escrow sales point to a sluggish start for the spring season, increased inventory and modest price growth offer hope for buyers seeking more options and improved affordability.”
Among other key points from the association’s March 2025 resale housing report:
Total active listings in March rose on a year-over-year basis at the fastest pace since January 2023. The level of active listings last month reached a six-month high and recorded the 14th consecutive month of annual gains in housing supply.
The median number of days it took to sell a California single-family home was 22 days in March, up from 18 days in March 2024.
In western Nevada County, the median days on market was also 22 days, a 24.1% decrease from February.
The statewide median price per square foot** for an existing single-family home was $430, up from $424 in March a year ago.
Locally, the price per square foot for March was $298.
Click here to read the full monthly report by the association.
