This analysis for California is based on the statistical 'median' listing price (which is different from the average price). The median value is used to peer into the 'trend' of prices. The actual 'average' listing prices will be higher.
If you want a great deal on a home, the median listing price for California is $672,000, and although some listing prices may be higher, this core internal trend has drifted down since last month. What this means to you is that it's a buyers market. Although listing prices may go up, the underlying median core values means less buyers gives you more choices in the California areas. But you still have competition, and the "best deals" will go first. What this means to you is that you don't have as much time as you think you do to find your perfect home. So start looking now so you can get the nicest homes in the best California neighborhoods at the best price.
Already this month, 11% of the current homes for sale reduced their prices. Which means many homes in California are overpriced, and there is room for negotiation and are eager to sell. What this means to you is that you can shop for homes in the California area that are a little more higher priced, knowing that you can negotiate the price down.
So start looking now so you can get the nicest home in the best California neighborhoods at the best price.