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.”