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| LIFE IN SOLERA | JUNE 2025 | 9 Elevated interest rates and economic uncertainty caused March home sales to ease in March. Existing single-family homes sales were down 2.3 percent in March from February but up 4.9 percent from March 2024. March's statewide median home price was $884,350, up 6.7 percent from February and up 3.5 percent from $854,370 in March 2024. 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. The statewide sales-price-to-list-price ratio was 100 percent in March 2025 and 100 percent in March 2024. The 30-year, fixed- mortgage interest rate averaged 6.65 percent in March, down from 6.82 percent in March 2024, based on Freddie Mac's weekly mortgage survey data. Despite mortgage rate swings and financial market volatility, housing conditions remained stable in March. 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. With tariff threats and recession fears growing and home buyer optimism fading, home sales could remain soft in the months ahead. In other news, home insurance costs are likely to continue rising for years to come. Leading housing insurance experts state that to be able to afford insurance in high–risk areas, all Californians must share the burden of higher rates, even in low-risk areas — a concept not palatable for many. Homeowners are urged to check their policies to make sure they aren't under-insured. A common scenario for this year's wildfire victims was many victims discovered that contemporary replacement costs were far more than covered amounts. Also, the state's wildfire risk has grown exponentially in recent decades. The community–at-large must share in the effort to reduce risk. This will hopefully lead insurance companies to agree not to drop people and continue offering insurance to those who need it. REAL ESTATE REPORT By Glenn Bradd, Associate Broker and Resident