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2022 Market Summary

California started 2022 with a total of 16,552 single-family homes on the market, with a median home price of $699,900 and an average price per square foot of $600. By the end of the year, inventory had increased to 34,169 homes on the market (+106%), with a median home price of $694,990 (+0%) and an average price per square foot of $542 (-9%).

At the start of 2022, the median days on market (DOM) was 49 days – by the end of the year, median DOM had increased to 70 days.

California started the year with 18% of homes taking a price cut (for reference, 35% is the national average for price reductions in a ‘normal’ year.) By the end of the year, about 36% of California homes for sale had taken a price cut.

Finally, Altos’ proprietary Market Action Index (MAI) shows that California started 2022 as a strong seller’s market, with an MAI score of 59; by the end of the year, the MAI had dropped to 40 – a slight seller’s advantage.

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