California Home Sales Up 12.8%

WRE News March 22, 2024


California Home Sales Up 12.8%

Closed escrow sales of existing, single-family detached homes in California totaled a seasonally adjusted annualized rate of 290,020 in February, according to new data from the California Association of Realtors (CAR). This represented a 12.8% increase from the revised 257,040 homes sold in January and a 1.3% uptick from February 2023’s revised total of 286,290 sales.

February marked the second straight month of double-digit sales gains for California and the second straight month of year-over-year gains, but it was also the 17th consecutive month with sales below the 300,000 level.

The statewide median price in February was $806,490, up 9.7% from the $735,300 price recorded in February 2023 – the eighth straight month of annual price and he tenth time in the last 11 months that the median price for an existing single-family home was above $800,000. On a month-over-month measurement, February was 2.2% higher than January’s $789,480 median home price.

Unsold inventory statewide in February was down 6.3% on a month-over-month basis and down by 3.2% year-over-year. Active listings at the state level increased on a year-over year basis for the first time in 11 months.

“Housing supply conditions in California continued to improve in February with new active listings rising more than 10% for the second straight month,” said CAR President Melanie Barker, a Yosemite realtor. “This is great news for buyers who have been competing for a dearth of homes for sale, and the momentum will hopefully build further as we enter the spring home buying season.”

We are Your GPS to Success Let’s Get Started

We Guide Homeowners through the complicated process of selling their home using our 4 Phase Selling Process and 3 Prong Marketing Strategy that alleviates their stress and moves them effortlessly to their next destination. Schedule a 15 Minute Complimentary Strategy Session Today

Follow Us On Instagram