California real estate news and trends report for march 2019

Here is a summary of California real estate news and trends for March 2019:

Market Trends:

• California's housing market continued to slow down in March, with sales declining 10.4% year-over-year, according to the California Association of Realtors (CAR).
• The median home price in California increased 3.4% to $540,000, but the pace of price growth slowed down compared to previous months.
• The inventory of homes for sale increased 12.4% year-over-year, providing some relief to buyers who have been facing a tight market.

Regional Trends:

• The San Francisco Bay Area continued to experience a slowdown in sales, with a 14.1% year-over-year decline in March.
• The Los Angeles-Long Beach-Anaheim area saw a 7.4% year-over-year decline in sales, while the San Diego area experienced a 5.6% decline.
• The Sacramento area was one of the few regions to see an increase in sales, with a 2.1% year-over-year gain.

Price Trends:

• The median home price in the San Francisco Bay Area increased 2.1% to $1.1 million, but the pace of price growth slowed down compared to previous months.
• The median home price in the Los Angeles-Long Beach-Anaheim area increased 3.5% to $640,000.
• The median home price in the San Diego area increased 4.1% to $540,000.

Interest Rates:

• The 30-year fixed mortgage rate remained steady in March, averaging 4.27%, according to Freddie Mac.
• The Federal Reserve kept interest rates unchanged in March, citing a strong economy and low inflation.

Government Policies:

• The California Legislature passed a bill in March aimed at addressing the state's housing affordability crisis, which includes measures to increase the supply of affordable housing and reduce regulatory barriers.
• The California Department of Housing and Community Development (HCD) announced plans to increase funding for affordable housing programs and to streamline the permitting process for new construction.

Industry Insights:

• A survey by the National Association of Realtors (NAR) found that 63% of California real estate agents reported a decrease in sales in March, while 21% reported an increase.
• A report by Zillow found that the majority of California homeowners (62%) believe that the state's housing market is overvalued, while 21% believe it is undervalued.

Notable Transactions:

• In March, a luxury home in Bel Air sold for $120 million, setting a new record for the highest-priced home sale in California.
• A group of investors purchased a 1,000-unit apartment complex in San Jose for $350 million, marking one of the largest multifamily deals in the state.

Outlook:

• The California Association of Realtors (CAR) predicts that the state's housing market will continue to slow down in the coming months, with sales declining by 5-7% in 2019.
• The National Association of Realtors (NAR) predicts that the national housing market will experience a moderate slowdown in 2019, with sales declining by 1-2%.

I hope this summary provides a helpful overview of California real estate news and trends for March 2019.