The Golden State’s trend of rising home prices and slightly falling sales numbers continued in February, according to the California Association of Realtors.
Just-released data shows that existing home sales were down 4.5 percent from January to February to a seasonally adjusted annualized rate of 424,640 homes last month. Compared to February 2021, sales were down 8.2 percent.
February’s statewide median home price was $771,270, up 0.7 percent from January and up 10.3 percent from February 2021. The continued growth in the statewide median price is attributed in part to a change in the mix of sales toward homes in the million-dollar price range, as sales jumped in higher-priced regions such as the Central Coast and the San Francisco Bay Area.
“Despite higher mortgage rates, California’s housing market is holding up remarkably strong, with home prices reaccelerating, market competition growing and signs that the listings crunch is thawing,” said CAR President Otto Catrina, “Prospective buyers are taking advantage of still-low rates before they move higher and getting a jump on competition before the start of the spring homebuying season.”
At the regional level, all major regions except the Central Valley recorded a decrease in sales on a year-over-year basis. The Bay Area and Southern California each experienced a double-digit or a near double-digit sales loss of 13.7 percent and 9.9 percent, respectively, in February.
Stayed tuned for the regional sale and price breakdowns for Northern and Southern California, coming to CaliforniaListings.com on Friday, March 18.